Mr Patsy McGlone (Mid Ulster): To ask the Minister for the Economy to detail any assessment that has been made of establishing a regulatory regime for heating oil suppliers to protect heating oil consumers from market volatility and price rises.
Minister for the Economy: I am concerned about the impact of rising home heating oil (HHO) prices, particularly on lower income households and those vulnerable to fuel poverty. With around 60% of homes here relying on heating oil, ongoing instability in the Middle East continues to increase the risk of price volatility for consumers across the North.
I welcome the Competition and Markets Authority’s (CMA) report, which recognises the distinct characteristics of the HHO market here, including our greater reliance on HHO compared with Britain, and recommendations to strengthen consumer protections within the market.
My Department is considering the CMA’s recommendations.
Any approach must reflect the characteristics of the local market, ensuring appropriate consumers safeguards while avoiding unintended consequences for market participation and competition, that might lead to higher costs for heating oil consumers.
ENDS
