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Petroleum Board (Profits And Prices)

Volume 380: debated on Wednesday 17 June 1942

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asked the Minister of Fuel and Power how much profit was made by the Petroleum Board for the financial years ended 31st March, 1940, 1941 and 1942, respectively, and whether such profits are collected by the Treasury?

The Joint Parliamentary Secretary to the Ministry of Fuel and Power
(Mr. Geoffrey Lloyd)

In reply to the first part of the Question, I would refer the hon. Member to the replies given on 5th and 12th May to the hon. Member for Caerphilly (Mr. Ness Edwards), of which I am sending him a copy. The answer to the second part of the Question is in the negative.

May I ask my hon. Friend whether the profits all go to the oil industry?


asked the Minister of Fuel and Power, what price is paid by the Petroleum Board to the Government for pool petrol and high-octane spirit, respectively, delivered free under Lend-Lease, and at what prices they are retailed or delivered in bulk to the Services?

Petroleum products obtained under Lend-Lease arrnagements are sold by His Majesty's Government to the Petroleum Board on the basis of the commercial prices ruling at the time. As regards the second part of the Question, I regret I am not able to depart from the established rule not to publish the terms on which the Government purchases goods from suppliers.

Am I to understand that the Petroleum Board sell the oil which is shipped free to the Government under these Lend-Lease arrangements at retail or approximately retail prices to the Services, so that the Chancellor of the Exchequer has to raise a loan in order to pay the difference between the price to the Petroleum Board and the price at which the Services buy from the Petroleum Board?