Oil prices below the pre-Ukraine invasion level good news says NIOF

David Blevings, spokesperson for NIOF said, “Oil prices are falling on the back of milder weather, increasing supplies and concerns over the economic recovery. However, the market is well supplied, and prices have fallen back to below the level seen just before the Ukrainian war commenced.

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.

According to the Consumer Council website, consumers can buy 900 litres of home heating oil 10% cheaper than the average price on the 24th  of February 2022 and 500 litres 12% cheaper than the average price on the same date.

Oil prices react quickly to change, and this is great news. We would encourage consumers to fill their tank and follow the American Government’s lead who this month, are looking to buy 3 million barrels of oil for their strategic reserve due to the low price and before OPEC meets again on the 4th June.

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.