Indonesian president says no plans for fuel retail price hike this year or next

JAKARTA (Thomson Financial) - The Indonesian government has no plans to increase fuel retail prices this year or next after the spike in world oil prices, President Susilo Bambang Yudhoyono said Wednesday.

"There is no such option. The government is looking at other appropriate options that minimize the impact of the oil price rise on wider society," Yudhoyono told reporters.

New York's benchmark crude futures contract surged past 97 US dollars for the first time in US trade Tuesday.

"The government will take significant steps if the oil price continues to stay high. Myself, the vice-president and other ministers concerned are currently considering various options the government may take in response to this oil price rise," Yudhoyono said.

(1 US dollars = 9,178 rupiah) hkp/jm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.