Oil and Gas Resources

Part of Oral Answers to Questions — Energy – in the House of Commons at 12:00 am on 4 July 1983.

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Photo of Mr Anthony Beaumont-Dark Mr Anthony Beaumont-Dark , Birmingham, Selly Oak 12:00, 4 July 1983

Bearing in mind British Petroleum's recent 8p increase in the price of its petrol, the third increase this year, which will almost certainly be followed by other major companies, will my right hon. Friend refer the matter to the Monopolies and Mergers Commission? Does he agree that capitalism and Conservatism are about genuine competition, not price-fixing at the public expense? Does he further agree that a company with a £30,000 million turnover a year can in large degree decide what is a profit and what is a loss?