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OIL PRICES COULD RISE FURTHER, SAYS AUSTRALIAN PM.
CANBERRA, June 1 Asia Pulse - Prime Minister John Howard last night said he could not guarantee petrol prices would not rise higher.
With oil prices climbing over the $US40 a barrel mark, petrol station prices have been stuck above the A$1 (US$0.74) a litre mark for the past fortnight.
Mr Howard said there was little he could do to stop prices rising further.
"I think it will remain where it is, perhaps it will go a little higher for a while," he told ABC television.
"I can't guarantee any particular level for the price of crude oil."
Mr Howard said there were a range of factors behind the current high prices, and not just the situation in Iraq and Saudi Arabia.
"There are a lot of factors bearing on the price of oil, the very heavy demand as the summer approaches in North America, the strength of the Chinese economy and the demand from other parts of the world.
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Source: HighBeam Research, OIL PRICES COULD RISE FURTHER, SAYS AUSTRALIAN PM.