UPDATE 1-Indonesia president: crude oil to hurt budget

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JAKARTA, Oct 23 (Reuters) - Soaring crude oil prices may hurt Indonesia's state budget because of the country's hefty oil subsidies, President Susilo Bambang Yudhoyono said on Tuesday.

Crude oil eased to $87.56 per barrel on Monday after hitting a record high of $90 per barrel last week partly due to strong demand and global political uncertainty.

Rising crude oil prices could inflate the amount of fuel subsidies in the budget of Asia's only OPEC member, which imports a substantial amount of oil due to dwindling production.

"These may affect our state budget because subsidy still exists," Yudhoyono said at the opening of a trade exhibition.

"Indonesia crude prices are still lower than Brent and Nymex. But it is a sign for all countries to manage our economies well so that fluctuations in the global economy don't affect ours," he said, referring to global crude oil futures in New York and London.

The government is set to spend 56.4 trillion rupiah on subsidising oil in 2007. It has proposed 46.7 trillion rupiah for oil subsidies next year.

Separately, Chief Economics Minister Boediono said the government has no plan to revise the current state budget despite rising oil prices.

"Our state budget is solid. We'll make an adjustment when the time is right. But for the time being, we will keep the existing budget," Boediono said.