§ Mr. ÖpikTo ask the Secretary of State for Trade and Industry what assessment he has made of the timelag of(a) increases and (b) decreases in prices following a change in crude oil barrel prices; and if he will make a statement. [140248]
§ Mrs. LiddellThere can be a delay of some four to six weeks before the impact of change of crude price is seen at the pumps. However, the length and magnitude of such an effect is dependent on competitive pressures within the supply chain.
§ Mr. ÖpikTo ask the Secretary of State for Trade and Industry what assessment he has made of the relationship between oil company profits and changes in barrel prices; and if he will make a statement. [140249]
383W
§ Mrs. LiddellIn general, oil companies which engage in the production and sale of crude oil will have greater net earnings as the price of oil rises. For each company, the impact of price changes will, however, depend on the profitability of their other businesses.