§ Miss Quennellasked the Secretary of State for Trade and Industry what has been the increase in world oil prices over the past three years; and what proportion of our balance of payments, in imports, that represents.
§ Mr. Tom BoardmanDue to the rise in world oil prices over recent years the average cif value of crude and process oils imported into the United Kingdom has risen from £6.9 a ton in the second quarter of 1970 to £10.2 a ton in the second quarter of 1973.
In the second quarter of 1970, total oil imports (£225 million cif.) represented 9.6 per cent. of total imports; by the second quarter of 1973 the percentage had risen to 10.1 and the value to £376 million. This rise in value covers both price and volume increases.