asked the Minister for Industry and Commerce if he has received an application from the oil companies for an increase in the price of petrol; the amount of the increase sought; if it is intended to grant the increase; the projected retail cost of petrol over the next six months; and if he will make a statement on the matter.
Written Answers. - Oil Prices.
47.
No formal application for an increase in the price of petrol has been received from the oil companies. However, prices which are reviewed each month are due for revision shortly. Until the report of the Chairman of the Fair Trade Commission which I received last weekend has been fully examined and discussions have taken place with the oil companies I am not in a position to indicate what changes will take place.
Because of this and the volatile nature of international prices, which can be seen from the fact that international spot prices increased from $173.63 in December 1988 to £274.10 in April 1989, it is impossible to predict what the retail cost of petrol will be over the next six months. The investigation currently being undertaken by the Fair Trade Commission may also have an effect on future retail prices.