Call made for heating oil regulator

12 January 2010

Written by Neil Brunskill

A call has been made for the introduction of a heating oil regulator in Northern Ireland.

In an editorial piece in the Belfast Telegraph, the newspaper's editor argued that a regulator should be introduced to help ensure that a fair price is charged for the fuel.

Heating oil prices have risen in recent weeks as the sustained spell of colder weather continues to grip not only Northern Ireland but the large parts of Europe.

And with the price rises comes the belief that oil suppliers may be taking advantage of the increased demand to make more profits, the editorial piece argues.

"In two days along the average price crept up by £12. It is difficult to believe that these increases are triggered solely by rises in the cost of wholesale prices," the paper said.

While the costs of larger deliveries of 500 or 900 litres have risen, those who use the emergency 20-litre drums of heating oil have suffered the most, the paper said, noting that the cost is higher for these.

Introducing a regulator could help to determine what a fair price is and would make prices "open and transparent", the paper says, arguing that this would be a benefit to suppliers as well as customers.

The cost of heating oil on the New York futures market has fallen in recent trading.

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