Petrol and oil price reductions
The Minister said Whitegate and imported oil-product prices would fall from 1 April, subject to review. Reynolds pressed on whether reductions beyond a proposed 7p-per-gallon excise duty would reach consumers; the Minister referred pump pricing to the Minister for Trade, Commerce and Tourism, and the Chair stopped further debate.
asked the Minister for Industry and Energy if the substantial reductions in the price of petrol and oil from Whitegate oil refinery will be passed on to industry and motorists; and if he will make a statement of the matter.
Comment on this
Subject to review by the National Prices Commission and the Minister for Trade, Commerce and Tourism of the actual amounts involved, the dollar prices of oil products from the Whitegate refinery will decrease significantly, with effect from 1 April. These reductions arise primarily from a change of emphasis in crude oil purchasing policy but also take account of reductions in official North Sea prices and improved yield performance at the refinery.
Reductions are expected also in the cost of oil products which are imported directly by the private oil industry.
The Deputy will appreciate that the extent to which reductions in the prices of oil products ex-Whitegate or imported directly may be reflected in consumer prices is a matter in relation to which I do not have specific responsibility. I might point, however, to the Budget Statement in which the Minister for Finance indicated that he was providing for a yield of £15 million this year from additional taxation on petrol and other road vehicle fuels.
Comment on this
Does the Minister accept that an excise duty of 7p per gallon will give the Minister for Finance the £15 million he mentioned in his Budget Statement? In that event what will happen to the remainder of the reduction that will be forthcoming this year? May we take it that motorists, industry and agriculture will get the benefit of any reduction over 7p per gallon?
Comment on this
As I have reminded the House the question of the price at the pumps is one specifically for the Minister for Trade, Commerce and Tourism and not the responsibility of the Minister for Energy.
Comment on this
The Minister did not answer my question. I asked the Minister if, bearing in mind that a reduction of 7p in the gallon would give the Minister for Finance £15 million, we can take it that anything above that figure will be passed on to the consumer?
