§ Mr. T. Fraserasked the Minister of Power what proportion of Great Britain's energy requirements will be met from fuel oil when the new refineries are in operation; and how this compares with the forecast made by the National Economic Development Council.
§ Mr. PeytonThe proportion is expected to increase but, as the Report of the National Economic Development Council on Growth of the United Kingdom Economy to 1966 makes clear, the amount of the increase will depend on the competitiveness of the various fuels.
§ Mr. T. Fraserasked the Minister of Power what is the effect on the balance of payments of each 1 million tons of coal equivalent by which fuel oil replaces coal in providing Great Britain's energy needs.
§ Mr. PeytonThe landed value of 1 million tons of coal equivalent of imported fuel oil is about £3½ million. The amount payable in foreign exchange is less than this to an extent that varies according to the source of the oil, the importing company and the amount of British shipping employed. Fuel oil produced in the United Kingdom refinery has a still lower exchange cost.