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PRESS RELEASES
19 September 2008
Further price drops
The price of home heating oil has fallen by over £100 for 900 litres since the 1st July 2008 due to a weakening demand globally for oil and the general slowdown in the economy. David Blevings from the Northern Ireland Oil Federation says: “The good news is that prices are now retreating because of a moderation in demand, especially in the USA. There will probably be more fluctuations going forwards but consumers can benefit from this reduction prior to the winter, which has to be good news.” “Distributors are free to set their own retail prices in line with competitive pressures and their particular supply cost profile but they have no control over the wholesale price which has increased significantly over the past year”. “Distributors locally operate in an extremely competitive market and these competitive pressures ensure that price movements on the international market are offered quickly to consumers in order to retain their custom. Consumers in Northern Ireland buy their home heating oil below the average price for both the GB and ROI markets reinforcing the competitive nature of the local oil market, added David.”