REPUBLIKA.CO.ID, JAKARTA -- The government is discussing whether to cut fuel oil prices amid declining global oil prices, Coordinating Minister for Economic Affairs Darmin Nasution said.

"We are still discussing whether or not the fuel price will be lowered," he said after opening the 2015 national working meeting on the government accounting and financial statement at the Finance Ministry here on Friday.

He was responding to mounting calls for the government to expedite the reduction in fuel oil prices, which many believe will pave the way in the effort to stimulate the nation's economy.

Meanwhile, Finance Minister Bambang PS Brodjonegoro confirmed a plan to lower subsidized fuel prices amid a slump in global oil prices. However, the plan is being discussed.

Brodjonegoro said he believed the reduction of subsidized fuel prices will have a positive impact on the national economy, as it will improve the public's purchasing power and boost the industrial sector.

But he declined to specify when the plan will be enacted.

To be sure, the planned reduction of subsidized fuel prices has become the center of the government's attention, said the former dean of the school of economics at the University of Indonesia.

"What is clear is that we take into account the proposal. But let's wait to see when it will be realized," he said.

At a limited cabinet meeting led by President Joko Widodo on Thursday, the government instructed state oil and gas company Pertamina to immediately calculate the decline in the prices of gasoline and diesel oil.

Government officials believe there is still room for the state company to lower fuel prices.

Those at the meeting also agreed to ask banks to lower their lending rates. Indonesian banks currently enjoy the highest interest margin in ASEAN.

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