asked the Minister for Industry and Commerce what effect the Teheran agreement between the oilproducing states of the Persian Gulf and the major oil companies will have on the supply and price of petrol and oils to this country and on the balance of payments and cost of industrial production; and the percentage of Irish total oil imports which come from the region in question.
Ceisteanna—Questions. Oral Answers. - Teheran Oil Agreement.
50.
I have no reason to believe that the supply of petroleum products to this country will be affected by the Teheran agreement. I have not yet been advised by the oil companies of the effect on their costs and I cannot therefore say what price increases are likely or how the balance of payments and costs of industrial production will be affected. Direct imports from the countries covered by the agreement represented 55 per cent of all oil imports in 1970.
Could the Minister say whether this means there might be a selective increase in some commodities but not in others or, if there is an increase as a result of the Teheran agreement, will it be across the board in relation to all oil products.
That is a question I could not possibly answer at this stage. Reference has been made both ways but, as yet, I have had no application from the oil companies. Until such time as I have, it would be impossible for me to give an indication as to which way the increases might apply, if there are increases.
From the information available to him, is the Minister not able to ascertain precisely what any increase should be? Why must he be told what the increase should be? Are we to understand that this is further proof of the Minister's inability to control prices?
It is an indication that I do not like giving an indication of my anxiety to increase prices before application is made for increases.
What percentage of our oil supplies is affected by the Teheran agreement?
Direct imports from the countries covered by the agreement covered 55 per cent of our oil imports in 1970.
The remaining Questions will appear on tomorrow's Order Paper.