Indonesia’s Jokowi Flip-Flops on Fuel Price Hike
- Weak currency, surging crude driving up government subsidy
- Rupiah at two-decade low as current account deficit widens
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Indonesian President Joko Widodo on Wednesday ordered his energy ministry to scrap an increase in retail gasoline prices within hours of its announcement.
But with the crude marching higher and the currency slumping to a two-decade low, Widodo, known as Jokowi, is only delaying the inevitable.
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Indonesia’s Jokowi Flip-Flops on Fuel Price Hike