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PRESS RELEASES
19 October 2009
Oil prices to lift on back of economic recovery
Local oil consumers have benefited from a 40% reduction in retail home heat prices over the past 12 months. Prices peaked at over 60ppl in July 2008 before falling at the start of 2009. As predicted in September 09 the price is now starting to rise as we move out of recession and experts are predicting a price of c.40ppl for home heating oil for the last quarter in 2009. David Blevings, spokesman for the NI Oil Federation said, “The increase is mainly due to an expectation of global economic recovery which has caused great volatility in oil markets, with forward crude prices moving higher. Consumers can protect themselves from high fuel bills by filling their tanks now ahead of the winter. In addition, householders should seriously consider energy saving measures such as increasing loft insulation and adding controls to existing heating systems”. “Oil is a very competitive fuel product with space and hot water heating for an average three bedroom house costing just £1018 per annum; this can be reduced by 18% or £181 per annum by upgrading to a modern condensing oil model which offers substantial savings on fuel costs“, added David.