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Rise in price of oil not over yet

A third of Ireland's top executives believe the record oil prices seen this week are far from the end of the upward spiral -- and say oil will top $200 per barrel over the next five years.

The price of petrol and diesel has risen by almost a third at the pumps in the past two years and is set to remain high for the foreseeable future due to continued unrest in the Middle East and Libya.

According to the International Energy Agency, Ireland has quadrupled the amount of oil it buys from Libya since 2007, with 23 per cent of the petrol, diesel and home heating oil bought in Ireland during 2010 coming from the North African state.

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