Business gas prices affected by govt and industry meeting?

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Commercial gas prices could see changes following a meeting between the government and representatives of the fuel industry concerning a tax on North Sea oil.

Malcolm Webb, chief executive of Oil & Gas UK - which represents offshore producers - said an agreement had been made that the two parties should aim to end the instability of taxation by the 2012 Budget.

He added that at the end of this month a survey will be published showing the potential effects the tax increase could have on future developments.

According to energy and climate change secretary Chris Huhne, ministers will be considering some of the issues raised with an aim to understanding what concerns people in the industry, by looking more carefully at detailed figures.

"There are elements of what the chancellor announced which were up for consultation, including the issue of the oil price at which the fair fuel stabiliser operates," he concluded.

Posted by James Green

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