On Tuesday the Auglo-American, Anglo-Persian, and Shell-Mex Oil Companies answered
the Prime Minister's request for an explanation of the recent increase of 21d. in the price of petrol. They point out _that even with this. increase the price at petrol—after allowing for the duty—is lower than at any time in the past ten years, except in the period April,[1927, to Febrintry, 1929. In that period Russian Oil Products sold petrol in Great Britain at prices " far below its world value." The three companies had to nieet this competition or to withdraw in some degree froni business. The agreement 1 with the Russian company in February, 1929, merely permitted a return to a level of world prices. They go on to say that prices in the Gulf of Mexico—the " centre of gravity " in the petroleum industry—are the basis of world values, and they give figures to show that in the different cir- cumstances the price of petrol in Great Britain now corresponds to that of petrol in America.
Previous page
