96. Mr. Baker Whiteasked the Minister of Fuel and Power on what grounds he authorised the recent increase in the retail price of petrol, in view of the large profits being made by petrol companies.
§ Mr. Geoffrey LloydThe recent increase was due to higher ocean freight and increased costs of distribution in this country. The profits reported by the major oil companies do not relate directly to the distribution of oil in this country, but reflect the trading results of their world-wide production and refining activities. It would not, therefore, be appropriate to make any special adjustment on account of them in fixing prices for the U.K.