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PRESS RELEASES
07 November 2008
NIOF surprised at GCCNI comments
The Northern Ireland Oil Federation has expressed surprise at today’s press release by the Consumer Council and spokesperson David Blevings said, “While crude oil price movements can be an indicator of trends there is no direct correlation with retail price. The retail price of home heating oil is based on the cost, demand and availability of refined product. Refined products are sold in dollars and the strong dollar and general tightness in supply has had an adverse effect on the retail price in recent weeks”. “The latest Sutherland figures published in October 08 shows that consumers in Northern Ireland buy their home heat product at 4% below the UK average and almost 10% lower than the ROI. This proves the competitive transparent market local distributors operate in. Distributors only pass on increases or reductions as dictated by the international market and have no control over wholesale costs. We will extend an open invitation to the Consumer Council today to meet and explain the mechanics of the international oil market to allay their concerns” added David.