Indonesia's Pertamina cuts jet fuel price in relief for airlines

Pertamina, Indonesia’s state-owned energy company, reduced the price of jet fuel sold at the nation’s airports after president Joko Widodo ordered a review following complaints about high air fares blamed on soaring fuel costs. The retailer lowered the price of fuel sold at Jakarta Soekarno-Hatta by 3% to US$.56 from Saturday. The price of aviation fuel in Jakarta is about 26$ lower than Singapore’s Changi airport, Pertamina said. Indonesian airlines agreed to lower prices last month by as much as 60% in some routes in response to a backlash over a surge in ticket prices during the peak holiday season. Widodo said he plans to summon Pertamina executives to explain their prices, adding the govt may allow private companies to enter the market if the monopoly retailer was unable to lower prices to a global level. <br/>