Indonesia's president may announce a fuel price hike to reduce spending on energy subsidies next week, senior minister Luhut Pandjaitan said on Friday.

"Maybe next week the president will announce about the matter of raising (fuel) prices," he said in a public lecture at a university in the city of Makassar, South Sulawesi, adding that his ministry has made an economic model for the measure's inflationary impact. (Reporting by Gayatri Suroyo; editing by Kanupriya Kapoor)