AQW 27487/17-22

Ms Claire Sugden
Independent
East Londonderry

Tabled Date: 15/12/2021
Answered On Date: 24/01/2022
Priority Written: No

Question:
To ask the Minister for the Economy (i) to detail any conversations he has had with fuel suppliers to establish a closer correlation between wholesale oil prices and the price consumers pay for petrol, diesel and home heating oil; and (ii) for his assessment of how a reduction in wholesale oil prices is passed onto consumers.

Answer:

My Department does not have any control over the price of crude oil.

Home heating oil is an unregulated fuel therefore my Department has not had any discussions with fuel suppliers regarding the correlation between wholesale oil prices and the price consumers pay.

While oil remains unregulated to the same degree as natural gas and electricity, there is an extensive network of oil distributers and suppliers which ensure that heating oil prices in Northern Ireland remain competitive and depend on market forces for its final price to consumers.

The Consumer Council carries out a survey of heating oil, petrol and diesel prices across Northern Ireland every week. This is available at www.consumercouncil.org.uk.