OIL PRICE RAISED BY 4 COUNTRIES

Press, Volume CXIV, Issue 33422, 2 January 1974, Page 13

OIL PRICE RAISED BY 4 COUNTRIES

i.V.Z. Press Association—Copyright > LONDON. January 1. Libya, Nigeria and Bolivia today announced huge increases in the export price of crude oil, Libya fixing its price at 5U518.76 a barrel, the highest ever known on world markets.

Nigeria put its price at 5U514.69 a barret and Bolivia at ?USI6.

Yesterday the State-run In donesian oil company, Pertamina. announced that Indonesian oil would cost 80 per cent more from today. Indonesian crude will tost iSUSIO.BO instead of the present price of SUS 6. The six main oil-producing nations in the Gulf area— Saudi Arabia, Abu Dhabi. Iran, Iraq, Kuwait and Qatar —announced a week ago that they were more than doubling the posted price of their ‘oil from tomorrow. Their new posted price is SUS 11.65 a barrel—nearly [four times higher than the level of about $3 in force before the October war between Israel and the Arab (States. Bide studied In Libya, the committee [ charged with studying bids .[offered by 28 world oil companies to buy Libyan crude [■oil completed its work yesterday. J The Libyan Oil Ministry is (expected to sign contracts [with some of these com- [ panies within the next few i days. U.S. increases ! In Washington. Federal, [Energy officials today ap ! proved a SUSO.U increase in ! retail petrol prices and pre-

dieted a 10c a gallon rise by March 1. "The over-all increase in petrol and home heating fuel will be in the neighbourhood of 10c a gallon.” Mr Charles Owens, a spokesman for the Federal Energy office, told a news conference.

In a separate action, the F.E.O. administrator, Mr Wil liam Simon, said he had been told by President Nixon that he expected Mr Simon to conduct a "tough and thoi ough” investigation of anv in dustry suspected of stockpil ing fuel. The increases approved h\ the Government contain no profit for retailers, refiners or wholesalers. They will offset the drop in sales caused by an estimated 20 per cent de crease in the amount of petrol available.

Anti-truol action

A SUS27O.OOOm anti-trust action, accusing oil com panies of committing illegal acts which led to the energy [crisis, was filed in United Stales District Court in De troit yesterday. The action accuses the oil companies of violating the Sherman anti-trust act and of contriving a fuel shortage to gain excessive profits from higher priced petroleum pro ducts.

The complain was made on behalf of a Detroit attorney. Mr Edgar Dietrich, as a rep resentative of all American citizens affected by the fuel shortage. Mr James Tucker. Mr Die inch’s attorney, said the action sought to obtain full public disclosures of the cn cumstances of the crisis so [the American people could decide whether the sacrifices [they have been asked to make were necessary and fair.