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PRESS RELEASES
17 June 2009
Response to rising oil prices
Home heating oil prices are increasing as world optimism believes that the worst of the global recession is over. David Blevings of the NI Oil Federation said, “Prices are currently boosted by a weaker dollar coupled with a higher equity market and is being driven once again by speculators. In addition, prices are being helped by the recent publication of the International Energy Agency Report who increased their oil demand forecast for the first time in ten months. We are suggesting that consumers concerned about the increasing prices should consider filling their tank now and to consider a pre-payment system such as direct debit/giro or PayPoint to pay for their fuel requirements this winter”. “We would remind consumers that oil is much cheaper than this time last year and is still good value compared to other fuels. Competition and choice locally help keep prices down as the recent Sutherland Independent Energy figures show that NI oil users buy their home heat 5% below the UK average and over 20% below our counterparts in the Republic. We don’t foresee prices getting anywhere near the level seen last year as elevated oil prices will constrain any chance of economic growth”, added David.