Oil Prices

HC Deb 24 May 1979 vol 967 cc188-91W

Mr. Craigen

asked the Secretary of State for Energy if he will publish a table, using January 1973 as 100, showing for each month since January 1973 crude oil prices in £ sterling and the retail price index.

Mr. Moore

The following table provides the data requested. Changes in the index of crude oil import prices, cif, arise from changes in freight and insurance costs, and variations in crude quantities, as well as changes in fob crude prices.

				INDEXES	January 1973=100
				1973	1974	1975	1976	1977	1978	1979
				Crude Oil*	RPI†	Crude Oil*	RPI†	Crude Oil*	RPI†	Crude Oil*	RPI†	Crude Oil*	RPI†	Crude Oil*	RPI†	Crude Oil*	RPI†
January	…	…	100	100	226	112	402	134	501	166	605	193	590	212	556	232
February	…	…	104	101	339	114	397	137	501	168	618	195	577	213	560‡	234
March	…	…	106	101	365	115	392	139	502	169	634	197	571	215	588‡	236
April	…	…	…	105	103	379	119	390	145	514	172	631	202	586	218	590‡	240
May	…	…	…	108	104	370	120	396	151	535	174	635	203	589	219
June	…	…	…	108	104	375	122	398	154	555	175	631	206	606	221
July	…	…	…	110	105	375	123	402	155	563	175	634	206	591	222
August	…	…	117	105	372	123	419	156	572	177	629	207	583	223
September	…	…	126	106	377	124	429	157	571	180	633	208	571	224
October	…	…	135	108	382	127	441	160	577	183	623	209	562	225
November	…	…	158	109	381	129	465	161	603	186	611	210	551	227
December	…	…	189	110	395	131	485	163	606	188	607	211	562	229
* Index of Crude Oil Import Prices cif.
† General Index of Retail Prices "All items".
‡ Estimate (figures not available due to industrial dispute).

Mr. Craigen

asked the Secretary of State for Energy what impact a 10 per cent. increase in the price of crude oil would have on the retail price index.

Mr. Moore

Estimating the effect of a crude oil price increase on the retail price index is both difficult and uncertain. However, it is likely that the combined impact of both the direct and indirect effects of a 10 per cent. increase in the price of crude oil—expressed in sterling—might eventually be to raise retail prices by about half of one per cent., which on the basis of April 1979 provisional value of 214.2 for the general index of retail prices "All Items"—base January 1974—would imply an increase of approximately one point.