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Sinn Féin shares Consumer Council concern at home heating oil

7 November, 2008

Sinn Féin Economic Spokesperson, Mitchel Mc Laughlin MLA (South Antrim) has said that he would support an investigation into the reasons why oil prices do not come down in line with with falling 'barrel prices' with the same urgency as they increase.

Mitchel McLaughlin said:

"It has always been a source of bewilderment that we are told that increasing world oil prices are the cause of immediate domestic price hikes but when world prices come down the NI Oil Federation claims that there is no 'direct correlation' in crude oil prices and pricing domestically. If there is no correlation, why the rush to increase on a daily basis even when storage facilities are stocked with oil purchased at lower prices?

"But it is not just home heating prices that are affected, the price of fuel at the pump is also a source of concern. Not only do we have inexplicable widely differing prices across the six-counties (the same applies in the south) but during the period of escalating oil prices we had daily increases at the pumps but we do not see the same daily reductions now that world prices are falling. I believe that the consumer deserves an explanation that can justify such a situation."

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