Dawn asks about falling oil prices and the effect on consumer prices

Dawn

To ask Mr Chancellor of the Exchequer, with reference to the Competition and Markets Authority report on energy market investigation published on 10 March 2016, what recent progress has been made on his Department's investigation into consumer benefits from falling gas prices.

Answer by Damien Hinds, Exchequer Secretary (HM Treasury)

The Treasury has conducted internal studies to examine how far and how quickly the benefits of oil and gas price falls were fed through to consumers, and engaged with industry to stress the importance of this happening. The Government welcomes the CMA’s provisional decisions on remedies of their energy market investigation, which included proposals to introduce a safeguard tariff to protect customers on pre-payment meters. The government will act quickly on the CMA’s recommendations to ensure that bill payers get a fair deal from energy markets.

Answered on: 12 April 2016

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