§ Mr. Lubbockasked the Minister of Power what representations he has made to companies importing crude oil into the United Kingdom to alter the basis of their import prices; what reductions have been effected, with effect from what date, as a result; and what he estimates will be the annual saving to the balance of payments assuming that 40 million tons of crude oil are imported per annum.
§ Mr. MarshDuring 1965 one of the major foreign companies initiated substantial increases in the discounts already given on the prices of its crude supplies to this country, and in the course of 1966 other foreign suppliers increased their discounts. The consequent saving to the United Kingdom balance of payments could be up to £10 million in a full year of normal supplies. The discounts given by British companies do not affect their foreign exchange disbursements.