§ Mr. Tim Rentonasked the Secretary of State for Energy what has been the increase in the crude oil price expressed in sterling terms over the last 12 months; and what is his forecast for the coming 12 months.
§ Dr. J. Dickson MabonThe average price of crude oil imports into the United Kingdom during September 1976 is provisionally estimated as £53.7 a ton c.i.f. This is an increase of 33 per cent. over the September 1975 level.
Movements during the next 12 months will depend primarily on any changes in prices made by the oil exporting countries and changes in the rate of exchange between sterling and the dollar. I am not able to forecast oil price movements over the next 12 months.