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Petrol price rises again in New Zealand
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08:56, June 13, 2008

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The Caltex and BP oil companies in New Zealand raised the price of fuel by another 6 cents (4.5 U.S. cents) on Thursday, the second hike in two days.

On Tuesday, the oil companies also announced a 6-cent increase.

Sharon Buckland, a spokesperson for Caltex's owner Chevron, said further activity in the international market had caused the second price rise this week, Radio New Zealand reported on Thursday.

Buckland said a liter of 91 octane is now 2.12 NZ dollars, the price of 95 octane 2.17 NZ dollars and diesel 1.85 NZ dollars.

Shell said it has decided to maintain its prices for now.

World oil prices have reached near record highs due to concerns that demand will outstrip supply.

Oil prices surged in Asian trade on Thursday after a U.S. government report showed American crude reserves sank for the fourth week in a row.

New York's main oil futures contract, light sweet crude for July delivery, was 57 U.S. cents higher at 136.95 U.S. dollars a barrel.

Oil prices have soared since breaking through the 100-U.S.-dollar level at the start of the year, and some analysts are predicting that oil could hit 150 U.S. dollars a barrel soon.

Source: Xinhua



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