§ 25. Mr. KILEYasked the Prime Minister whether, seeing that full knowledge of the petrol situation has now been acquired by the Government as a result of the investigations of the Sub-Committee under the Profiteering Acts, he will indicate the steps it is proposed to take to reduce the price of petrol, which, since May, 1920, has increased by 10 per cent., whilst the prices of crude and fuel oils have fallen by 50 per cent. during that period?
§ The PRESIDENT of the BOARD of TRADE (Mr. Baldwin)I have been asked to reply. The Board of Trade have no powers to regulate the price of petrol.
§ Mr. KILEYIs the right hon. Gentleman aware that several companies are charging at least 33⅓ per cent. more than they are justified in charging, and that that constitutes a very heavy tax upon industry; and is it not possible to do something to remedy this undesirable state of affairs?
§ Viscount CURZONIs it a fact that the Government are themselves directly interested in the high price by their own shares?
Dr. MURRAYIs it not a fact that it is the policy of the Government to add 33⅓ per cent. to the cost of everything?
§ Mr. BALDWINI will bring the representations of the hon. Member who raised the question before the notice of the suppliers of petrol. The hon. Member knows as well as I do the impossibility of controlling prices when the whole supplies come from abroad. The ultimate solution is to prosecute research until we have developed home supplies, and the Govern- 301 ment have undertaken research in connection with the matter.
§ Mr. KILEYCan you revive the Profiteering Act, in view of this very heavy tax upon commercial firms in this country?