asked the Minister for Finance the implications of the increase in petroleum prices for the balance of payments situation.
Ceisteanna—Questions. Oral Answers. - Petroleum Prices.
39.
Due to the uncertainty about movements in petroleum prices throughout 1974 it is extremely difficult to forecast the effect of the increase in these prices on the balance of payments for the year. However, if petroleum prices in 1974 remain at the level announced at the end of 1973 the balance of payments deficit on current account would be raised by approximately £100 million. This should be offset to a large extent by capital inflows and any call on external reserves, which are in any case at a high level, should be small.
In view of this serious question, will the Minister now agree to withdraw the proposals in the White Paper?
I am glad to say that the net inflow is substantial.
I am calling Question No. 40.