Oil price drop is good news for consumers says NIOF

David Blevings, spokesperson for NIOF said, “Oil prices are falling on the back of milder weather, increasing supplies and concerns over an economic slowdown. The market is well supplied for the first time since before the Ukrainian war commenced but there are still concerns that interest rates will increase further, and higher interest rates are negative for oil prices. The reduction in global crude oil prices is feeding into lower refined product prices which in turn influences the wholesale and ultimately, the retail price of home heating oil. These factors, coupled with the milder weather has led to a lower demand for heating oil and in any competitive market that results in lower prices. This is exceptionally good news for consumers. While price is one factor in choosing your distributor, we would always advocate that consumers should use distributors that have a recognised customer charter in place offering a framework for delivery standards and clear complaints procedure. All NIOF members have signed up to a customer charter which is supported by the Consumer Council and customers can ask for a copy of this documentation or download it from the www.nioil.com website,” added David.