Energy
matthew
30th September 2019

Heating Oil Consumers must shop around for the best price

Each week, The Consumer Council monitors home heating oil prices across Northern Ireland. Since the drone strike on the oil facilities in Saudi Arabia on 14 September 2019, there has been a 7% increase in home heating oil prices in Northern Ireland. Whereas, over the same time period wholesale crude oil prices have only increased by 2.8%.

Paulino Garcia, Head of Energy Policy at The Consumer Council, said: “Consumers in Northern Ireland must be able to trust the price that they pay for their energy. Therefore, as the current crude oil price implies there is a disparity between retail and wholesale prices, we are asking Heating Oil Distributors in Northern Ireland to ensure their prices are fair, and reflective of the underlying market conditions.

Paulino added, “Each week, The Consumer Council publishes on our website (www.consumercouncil.org.uk) the average, and regional, home heating oil prices for Northern Ireland. The latest price survey shows, for a 500 litre Heating Oil fill, there is up to £48 (or 18%) difference in cost between the cheapest and dearest. However, our research shows that just 38% of consumers in Northern Ireland shop around for their home heating oil. We would therefore, encourage consumers to shop around for the best deal, and see what savings they can make.”

Data sources:

  1. Brent Crude Oil prices source: https://www.bbc.co.uk/news/topics/cmjpj223708t/oil
  2. Weekly home heating oil prices: https://www.consumercouncil.org.uk/policy-research/home-heating-oil
  3. Shop around figure uses the cheapest and most expensive 500 litres refill from The Consumer Council Home Heating Oil survey on 26 September 2019 in Ballymoney, £267.02 and £315.89 respectively.
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