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Petroleum Prices

Volume 978: debated on Wednesday 13 February 1980

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asked the Chancellor of the Exchequer what effect the recent rise in the price of petroleum has on the Government's forecast of a fall in output next year of up to 2 per cent.

[pursuant to his reply, 11 February 1980]: In reply to a question on 24 January from the hon. Member for Easington (Mr. Dormand), my right hon. and learned Friend, the Chancellor gave an estimate of the effect of oil price increases during 1979 on the likely growth of output.—[Vol. 977, c. 628]. Much of the recent increase was anticipated at the time of the December Industry Act forecast, although a higher than expected outturn for petroleum prices is one of many factors under review in the current economic assessment. We do not propose to offer a revised forecast in advance of the Budget.