§ Mr. Arthur Lewisasked the Secretary of State for Trade, in view of almost daily reports of huge profits, large dividends and increases in prices by petrol and oil companies, whether, as the major part of internal retail supplies originate from North Sea oil, he will take action 234W to prevent these regular inflationary price increases in oil and petrol.
§ Mr. GrayI have been asked to reply.
Recent increases in United Kingdom oil product prices have reflected increases in oil companies' crude oil acquisition costs, including increases in United Kingdom North Sea oil prices which follow world market prices. Competition in the retail petrol market has, however, acted as a restraint on the ability of companies to recover increased costs, and I believe this represents a more effective protection for consumers than price controls.