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Oil Imports

Volume 451: debated on Wednesday 1 November 2006

To ask the Chancellor of the Exchequer what the net cost to the Exchequer of imported oil was in each year since 1997. (97732)

There is no net cost to the Exchequer from imported oil. Profits earned from UK produced oil are subject to direct taxation regardless of whether the oil is exported or consumed within the United Kingdom and fuel consumed in the United Kingdom is subject to indirect taxation regardless of its origin.