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Widodo announces 30% gasoline price hike in first big economic move

Indonesian President Joko Widodo announces fuel price hike at the state palace on Monday night.

JAKARTA -- Indonesian President Joko Widodo announced on Monday that gasoline prices will rise by 30.77% and diesel prices by 36.36% to reduce massive fuel subsidies -- his first major decision aimed at reviving Indonesia's economy.

     Speaking at the state palace on Monday night, Widodo said the price of gasoline would increase from 6,500 rupiah ($0.53) per liter to 8,500 rupiah starting Tuesday. He also raised the price of diesel from 5,500 rupiah per liter to rupiah to 7,500 rupiah per liter.

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