asked the Minister for Finance the estimated effect in 1979 on the balance of payments deficit of the increase in the national oil import account.
Written Answers. - Oil Import Account.
168.
The increase in Ireland's oil import bill this year will be determined by a number of factors. They include not only the OPEC price increases but also the time-lag before these are reflected in import prices here, the growth in the volume of oil imports and exchange rate changes vis-à-vis the US dollar, in which OPEC oil prices are denominated. It is not possible, therefore, to provide a precise figure for the effect of the oil import bill on the balance of payments deficit this year. However, on the basis of current exchange rates, it is estimated that the order of magnitude of the increase could be about £20 million.