§ Mr. Skeetasked the Secretary of State for Energy what has been the real price of petroleum for each year since 1973; and what has been the price expressed in money terms.
§ Mr. GrayThe following tables show typical retail and average industrial prices for a range of petroleum products and for crude oil (cif price). Retail prices relate to January of each year since 1973. Industrial prices are on a quarterly basis from 1974, when the relevant survey commenced.
The retail prices have been deflated by the general index of retail prices for all items excluding fuel to produce a series for 'real' prices. A similar set of real prices for the industrial sector has been produced using the wholesale price index for materials excluding coal for carbonising and crude oil. The overall petroleum product wholesale price index exclusive of duty increased by 266 per cent. from the first quarter 1974 up to the third quarter 1980 at current prices. This increase is equivalent to a 91.3 per cent. increase in 'real' terms.
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Typical retail prices (deflated by RPI [All items except fuels]) Average industrial fuel prices (deflated by WPI materials [exclusive crude oil and carbonising coal]) 4 Star Derv Gas oil Standard grade burning oil Heavy fuel oil Gas oil Crude oil January 1975 55.6 42.6 18.2 17.5 Q1 1975 36.6 51.9 34.2 January 1976 47.1 37.9 18.0 18.1 Q1 1976 31.7 48.1 35.8 January 1977 41.9 40.8 18.8 19.5 Q1 1977 31.9 45.5 35.1 January 1978 360 39.8 18.7 18.5 Q1 1978 32.9 50.2 32.9 January 1979 34.1 36.3 17.0 16.9 Q1 1979 28.8 46.6 30.6 January 1980 42.2 46.4 21.5 21.6 Q1 1980 45.2 68.7 51.5 Est. October 1980 43.3 46.3 23.6 23.8 Q3 1980 47.6 81.0 55.8