Oil price drop is good news for oil consumers says NIOF

David Blevings, spokesperson for NIOF said, “Oil prices are now falling on the back of the breakdown in talks between Russia and OPEC. OPEC were allegedly attempting to introduce a supply cut to the global oil market but Russia has said no and may have embarked on a price war with the Saudis.

We are seeing global oil markets being pushed downwards on the expectation of less demand for oil products due to the economic slowdown as a result of the Covid-19 virus. The good news is that this reduction in global crude oil prices is feeding into lower refined product prices which in turn influences the wholesale price.

Since January 2020 we have already seen a massive c.20% reduction in the average retail price of 900 litres of heating oil which is excellent news for oil consumers in Northern Ireland. 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.