Vol. 495 No. 7
129 Mr. Perry asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to the fact that world oil prices crashed back to a ten year low under the weight of a mountainous petroleum glut at $11.91 per barrel for crude oil; the reason the price per litre has not been reduced at the petrol pumps; and if she will make a statement on the matter. [21464/98]
I am aware that reductions in crude oil prices, taken together with the effect of currency movements, should mean proportional changes in price to consumers in this country.
Since the policy of price control on petrol was dropped some years ago, the policy of many years has been to rely on the forces of competition to ensure that prices to consumers in general are at their lowest.
The independent Competition Authority is charged by statute to exercise the functions assigned to it by the Competition Act, 1991 and the 1996 amendment Act which prohibit anti-competitive agreements, decisions and concerted practices and makes them criminal offences.
