Outlook for oil price increases
O’Leary asked whether increases would continue through the year and whether they reflected world prices alone. O’Malley said future increases depended partly on OPEC decisions, and applications would be examined by the Prices Commission to protect consumers while maintaining supplies.
asked the Minister for Industry, Commerce and Energy if the rise in oil prices will be maintained throughout the year and if he is satisfied that the oil companies request for price increases are solely from price increases in world market.
Comment on this
It is not possible, at the present time, to indicate what further, if any, increases in oil prices may be implemented during 1979. This would be dependent on a number of factors including any further decisions by OPEC as regards oil price movements during 1979. All price increase applications from the Irish oil companies will be examined by the National Prices Commission and my concern will be to ensure that the Irish consumer does not have to pay more for oil products than is necessary to ensure continuity of oil supplies.
With regard to the second part of the Deputy's question, I am satisfied that any price increases implemented by the oil companies were warranted on the basis of increased crude oil and product costs.