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Oil Prices

Volume 895: debated on Monday 7 July 1975

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asked the Secretary of State for Energy if he will make a statement upon the implications for Great Britain of the conclusions reached at the recent OPEC conference in Libreville, Gabon.

OPEC decided to adjust prices from 1st October 1975. I cannot predict what change it will make. The principal effect on the United Kingdom will be to add an additional £33 million to our import costs for every 1 per cent. by which oil prices are increased.