John Howard (Bennelong, Liberal Party, Prime Minister) Share this | Hansard source

I did not make the prediction attributed to me. I said that there was in the immediate term no likelihood of it going down but I entertained the hope—and I think I used that expression rather than making an educated projection—that it was possible that it might return to a lower level, and I think I did indicate that. I gave no time frame to it. I do not in any way withdraw what I said. I am grateful that what the member for Hunter has done by his question is to confirm the fact that the price of petrol is overwhelmingly governed by the world price of crude oil. I think that is a very valuable acknowledgement in the current debate and I thank him for it.

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