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PRESS RELEASES
18 November 2005
Oil Price falls in Ulster
The price of home heating oil in Northern Ireland has fallen below £300 for 900 litres as some certainty returns to the international marketplace, it emerged today. This represents a 20% drop in prices from August. The Northern Ireland Oil Federation advised consumers that now could be a good time to to top up their tanks for the winter months. David Blevings, from the Northern Ireland Oil Federation, said: "The retail price of home heating oil is determined by the cost and availability of crude oil which has been elevated in recent months by strong demand, tight global supplies and geopolitical uncertainties. "Prices are now retreating because of the recovery of oil production and refining facilities and a slight moderation of demand. "There will probably be more fluctuations over the winter period but consumers can benefit from savings prior to Christmas, which has to be good news." He added: "Oil distributors operate in an extremely competitive market. These competitive pressures ensure that immediately the price of oil drops on the international market the savings are offered to consumers in order to attract their custom. "That is why oil remains the preferred choice of over 500,000 local consumers."