Neil Parish MP used Business Questions to call for a debate on whether energy companies are passing on the drop in crude oil prices to their customers, particularly in the heating oil market.
Neil Parish (Tiverton and Honiton) (Con): Will my right hon. Friend find time for a debate on oil prices? Crude oil prices have dropped by 30%, but the price of heating oil has not come down by the same degree, and neither has the price of diesel or petrol. Many of my constituents live in hard-to-heat houses and have oil-fired heating, and we really need to get them the benefit of lower prices on oil.
First Secretary of State and Leader of the House of Commons (Mr William Hague): It is very important that price reductions are passed on to consumers. My hon. Friend is right—there has been a dramatic drop in the price of crude oil. The Government have already made representations to ensure, for example, that price reductions in petrol occur at filling stations. It is also important that oil for domestic heating purposes is reduced in price. I will remind my colleagues in the Treasury of the point that he has made.
Hansard source (Citation: HC Deb, 20 November 2014, c425)