HC Deb 15 July 1969 vol 787 cc55-6W
Mr. Gardner

asked the Minister of Power if he has yet completed his review of the temporary surcharge on the prices of petroleum products which allowed the oil companies to recover extra costs of supplying the United Kingdom as a result of the closure of the Suez Canal; and if he will make a statement.

Mr. Mason

Yes. Although some extra costs will continue, a specific surcharge is no longer appropriate and the Government have decided that it should cease to be recognised. They have discussed the situation with the leading companies and as a result the scheduled prices of all oil products, with the exception only of motor spirit and kerosene, will come down by ½d. a gallon (the present level of surcharge). These price reductions, representing approximately 80 per cent. of current surcharge recoveries at the rate of about £40 million a year, will come into effect from 23.59 hours on Wednesday, 16th July.