§ Mr. Viggers
asked the Secretary of State for Energy if he will make a statement on the International Petroleum Exchange.
§ Mr. Gray
The International Petroleum Exchange, which commenced trading on 6 April, is a futures market trading in gasoil futures contracts. Prices are quoted for up to nine months ahead and in common with other commodity markets are published by the press. The market provides hedging facilities against future price movements for both oil traders and consumers. I understand that the exchange organisers have been encouraged by the high volume and pattern of trading. The exchange is to be opened officially on 2 June by my hon. Friend the Member for Kingston upon Thames (Mr. Lamont) in his capacity as Under-Secretary of State for Energy.