§ Mr. Nigel Evans
To ask the President of the Board of Trade how much(a) a barrel of crude oil and (b) a gallon of petrol cost in (i) 1970 and (ii) 1994 in (1) cash terms and (2) 1994 prices; and if he will make a statement.
§ Mr. Eggar
A barrel of crude oil cost the equivalent of some 75p—$1.80 per barrel—in 1970 which is equivalent to about £6 in 1994 prices. In January 1994, a barrel of crude oil was £9.38—$14.01 per barrel. A United Kingdom gallon of 4 star petrol, including taxes and duties, was on average some 33p in 1970 and £2.60 in 1994 prices. In January 1994, 4 star petrol cost on average about £2.52.