asked the Minister for Industry, Trade, Commerce and Tourism the steps he will take to give the Irish consumer the benefit of current exchange rate fluctuations in so far as the purchase of petrol is concerned.

16.

asked the Minister for Industry, Trade, Commerce and Tourism when he will introduce an equitable system of pricing for petrol and petrol products, based on a satisfactory purchasing, storage and currency policy.

I propose to take Questions Nos. 15 and 16 together.

Price control on petroleum products is currently, and has been for many years, exercised in an equitable manner. In the exercise of this control I am advised by the National Prices Commission which keeps under continuous review the movements in all the cost factors affecting petroleum product prices and publishes from time to time in their monthly reports details of their recommendations.

One of the main cost factors affecting petroleum product prices over the past years has been the movement of the Irish pound relative to the US dollar and the Irish consumer has consistently been given the benefit of these exchange rate movements in so far as the purchase price of petrol is concerned. In the price adjustment made in early January 1984 an exchange rate of $1.14 to the Irish pound was adopted and this compared with an actual daily average rate of $1.1399 for the quarter ended 31 March 1984. In mid-March 1984 the oil companies reduced petrol prices by amounts averaging 6.9p per gallon, excluding VAT, to reflect the then improved rate of $1.18 to the Irish pound and while slightly over half of this reduction has recently been reinstated, the present selling prices of petrol are not in excess of those warranted on the basis of current exchange rates.

The Deputy will be aware that the nature of the oil industry has changed considerably over the years and, to reflect this, changes have been made from time to time in the arrangements for administering price control. The commission has very recently completed a review of the present price control system and I am at present considering a number of recommendations which they have made for changes in the system.

We are all happy to hear that the review has at last arrived on the Minister's desk. Can the Minister give us an approximate date when we can expect the recommendations to be acted upon? Would he agree that the general public have been confused for some time by price increases and decreases which are announced with great solemnity by the Minister when they are decreases, but with much less noise when they are increases? Would the Minister agree that there is confusion in the minds of the consumers concerning the whole question of the pricing of petrol and petrol products?

In reply to the first part of the Deputy's question, within about three weeks. On the second part of the Deputy's question I have to say that I made announcements about reductions and increases——

Loudly and quietly.

It is a matter for the media to decide on the degree of prominence they give to either.

I believe this question has a very great bearing on the whole issue of the pricing structure. Would the Minister indicate what new purchasing arrangements he and his Department have entered into with the supplying countries on the question of contracts for the supply of petroleum products? Will he consider the use of Bantry Bay as a national storage depot which would guarantee price stability for a considerable period of time?

That is a separate question.

Question No. 16 refers to purchasing and storage.

The actual purchase of oil by or on behalf of the State and its storage are matters for the Department of Energy, not for me. Price control matters are dealt with in the recommendations made to me by the National Prices Commission upon which I expect to be making decisions within about three weeks.

On Question No. 15, given the fact that he may not reply in the affirmitive to the next question on the Order Paper and decontrol the price of petrol altogether, if price control is to continue, would the Minister consider it desirable to provide for automatic changes in the price of petrol on a monthly basis to allow for currency fluctuations?

I think I would.

A well planted question.

That suggestion is outrageous and untrue.

It is true. That is why the Deputy is jumping in.

It is not true. That is an unfair statement.

Order, please.

On a point of order, we made that recommendation in the form of a question when one of the Deputy's colleagues was Minister.

That is not a point of order.

17.