The Northern Ireland Oil Federation (NIOF) has welcomed the call by the General Consumer Council advising oil consumers to check their tanks before winter sets in. The good news for consumers is that despite recent price increases, the average cost of home heating oil across the Province is below £330 for a 900 litre fill.
This represents a c.45% drop in prices since oil peaked at £600 for 900 litres in February 2013 and heating your home with oil remains the cheapest form of heating in Northern Ireland, being on average, 50% cheaper than the annual cost of LPG and 7% a year cheaper than natural gas*.
David Blevings, spokesman for NIOF said, “Consumers may be concerned at recent increases but in reality there is an excess supply of oil in the World today and while no one can predict the future of international oil prices, the consensus of experts today is that it will settle in the $40 -$60 range for the short to medium term. This is good news for consumers and we anticipate oil prices staying at this level for the medium term. We would encourage consumers to fill their tanks now ahead of the Christmas period”.
“Oil costs in NI are continually lower than the UK and ROI average due to healthy competition in the home heat market. When choosing your supplier make sure they have a Customer Charter in place as this offers home heating oil consumers service guarantees such as a formalised complaints process, as well as flexible payment options and energy efficiency advice”, added David