After the recent drone attack in Saudi oil prices are spiking in anticipation of a potential reduction in global oil supply.
David Blevings, spokesperson for the Northern Ireland Oil Federation said, “The recent attack on the Saudi oil infrastructure is pushing prices higher. However, the Saudi Government has announced that it will make up any shortfall from their significant oil reserves as has the US Government who say they will release emergency stock if required. We believe there will be a short term impact on wholesale fuel prices which will feed into an increase in retail prices for consumers.
It is hard to predict what will happen to retail home heat prices in the medium to longer term but we remain confident that distributors will increase and decrease their price in tune with the wholesale market to continue to compete and retain their customer base to remain competitive with other fuel types”, added David.