New regulation for heating oil market, but no price controls
Summary
Northern Ireland plans stricter rules for home heating oil suppliers following an inquiry by the UK's Competition and Markets Authority (CMA). The measures include a mandatory code of conduct and stronger help with consumer disputes, but not price controls.Key Facts
- Economy Minister Caoimhe Archibald said she would act on the CMA's recommendations.
- Heating oil suppliers will have to follow a mandatory code of conduct.
- The Consumer Council will take a larger role in helping consumers resolve disputes.
- The Consumer Council will lead the creation of an opt-in register for vulnerable consumers.
- About two thirds of Northern Ireland households use home heating oil, the highest share of any UK region.
- Heating oil prices in Northern Ireland rose by 92% in one month at the start of the US-Israel attack on Iran in March.
- The CMA said the sharp price rise largely reflected higher wholesale costs and did not recommend price controls.
- The CMA found that prices were generally lower in Northern Ireland, where a competitive supplier market helps limit delivery costs.
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