HC Deb 11 December 1956 vol 562 c26W
Mr. Lewis

asked the Minister of Labour by how much the cost of living is expected to rise as a result of the additional charge of £2 a ton on the freightage of the oil supplies of 29 million tons in 1957, having to come round the Cape of Good Hope.

Mr. Iain Macleod

The hon. Member will be aware of the increases in wholesale prices which were announced by the oil companies last week. I understand that, of these increases, about 2¾d. per gallon is attributable to increased costs of oil supplies arising from the closure of the Suez Canal. The direct effect of this on the Index of Retail Prices is estimated at about one-tenth of a point.

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