asked the Minister for Industry and Commerce whether he has received the report of the chairman of the Fair Trade Commission on recent trends in international oil prices; the recommendation which the report has made regarding the review of petrol prices in May 1989; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - International Oil Prices.
6.
Following my meeting with the oil companies on 13 April last I requested the chairman of the Fair Trade Commission to undertake, in a private capacity, a study on the trends in international oil product prices and to report to me by 30 April in order to provide an objective guide to review prices in May and subsequent months until the Fair Trade Commission inquiry is completed.
I have now received the report. However, until I have examined it and its implications in detail it would be inappropriate for me to comment on its contents or its recommendations. I will be discussing these with the oil companies shortly.
While I appreciate the Minister will be studying this, let me ask him some questions of principle about his approach. Will he be considering the position of the INPC in the context of this review? Secondly, will he, as suggested by the Minister for Finance, be having an eye to crude oil prices which have not budged during April, or will he be looking at petrol prices which have risen very substantially during April?
I will be looking at all factors in the discussions and in the review. Of course, the Deputy will be aware that he is not correct in relation to the price of crude. Crude has increased, but the decisions are made in relation to the petrol product, and the Deputy will be aware of the major fluctuation which has taken place in the price there. It rose from $171.23 per barrel in December to $274.15 today. While we have had a 3 per cent increase in our petrol prices, countries such as Germany have had nearly a 30 per cent increase.
Let me appeal for brevity so as to permit the Chair to dispose of the four Priority Questions, otherwise I shall not be able to do that.
Am I to take it from the Minister's reply that he is indicating that the Minister for Finance's view that refining margins are excessively high has now been abandoned by the Government and that that will not be a factor in determining this price?
The Deputy can take no such implication from what I said. I have merely highlighted the point of the huge increase in the price of premium petrol on the world market from $171 a barrel in December to $274 a barrel today.