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PRESS RELEASES
05 January 2010
NIOF defends oil price increases
Local oil consumers have benefited from substantial price reductions (almost 40%) in retail home heating oil since the peak of almost 60 pence per litre back in July 2008. However, as forecast back in September 09 the price is starting to rise as we move out of recession and retail prices have risen by about 15% since September 09. David Blevings, spokesman for the NI Oil Federation said, “The increase is due to an expectation of global economic recovery which has caused greater volatility in oil markets and colder weather which has increased demand with forward crude prices moving higher. The oil industry is a competitive transparent market with over 250 distributors offering consumers excellent service and keen prices. The wholesale oil market moves daily and distributors have no control over increasing prices and must respond to market forces”. “Looking forward we don’t foresee prices getting anywhere near the level seen in 2008 as elevated oil prices will constrain any chance of economic growth. Consumers can protect themselves from high fuel bills by utilising energy saving measures such as increasing their loft insulation and upgrading their boilers to modern condensing units and adding controls to their system”, added David.