JAKARTA, 28 August 2005 - Indonesia will raise fuel prices early next year to reduce the impact of soaring global oil costs on its budget, the economics minister was quoted as saying Sunday. Indonesia's economic recovery is being threatened by the impact of global crude oil prices at more than $60 a barrel, dwindling domestic oil output, and strong local demand for energy.

Last week, the local currency hit a 3 1/2 year low against the dollar on high demand for the greenback by state-owned Pertamina oil company to fund oil imports. The slide has alarmed the country, where memories of the 1998-99 Asian economic crisis are still strong.

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