§ Mr. Skeetasked the Chancellor of the Exchequer by how much the real price of crude oil has increased since the 1979 Budget, taking into account inflation, the movement in exchange rates and changes in OPEC prices, to the latest date for which a figure is available.
§ Mr. GrayI have been asked to reply.
It is estimated that the average price of all crude oil, both indigenous and imported, taken into United Kingdom refineries in February was £97.9 per tonne, compared with £63.5 per tonne in June 1979. This represents an increase of 54 per cent., but when adjusted for United Kingdom inflation the real increase is about 36 per cent.