asked the Minister for Industry and Commerce why the recent price reductions announced by a petroleum company (name supplied) allowed no reduction in the price of petrol, while ½d per gallon was allowed for other types of oil; whether he will hold discussions with this and other petrol companies on this matter; whether any reduction in the price of petrol is likely at this time; and whether he has held any discussions with these companies on this matter already.
Ceisteanna—Questions. Oral Answers. - Price of Petrol.
40.
On account of the closure of the Suez Canal, a temporary surcharge of 2d per gallon was imposed on all petroleum products in July, 1967. This surcharge was later reduced and stood at different levels for different products but there were offsetting increases because of the devaluation of sterling in November, 1967.
There were further recent surcharge reductions here and in Britain which resulted in price reductions for certain petroleum products so as to give the maximum benefit to industry and commerce but the price of petrol was not affected. There is nothing I can usefully say about the likely course of petrol prices.
I keep the position as regards prices under review and representatives of the oil companies are met from time to time to this end. Companies other than that mentioned by the Deputy have, of course, reduced prices for petroleum products.
Can the Minister offer any opinion, from his present position, to suggest why a reduction is possible in the price of certain oils but not in the price of petrol?
I say one of the main reasons is that the amount of money available would not be sufficient to cover petrol as well as the other items.
Has there been an application to have the price of petrol increased?
I answered that question last week. The answer is "yes".