North Down MP Alex Easton has called on the Ed Miliband to introduce a regulator for the domestic heating oil market following what he described as “unacceptable and sudden price hikes” being experienced by households.
Mr Easton said he had been contacted by a constituent who had seen the price of heating oil rise dramatically in just a matter of days. The constituent reported that 900 litres of heating oil was priced at approximately £515 on Friday, yet only three days later the same quantity had increased to £849.
Mr Easton said:
“It is simply unacceptable that households relying on heating oil can see prices jump so dramatically in such a short space of time. Families who depend on oil to heat their homes are left completely exposed to these spikes with no regulatory protection whatsoever.”
“Unlike gas and electricity, which fall under the oversight of Ofgem and are subject to regulatory protections, the heating oil market operates without any dedicated regulator or price monitoring mechanism. This leaves consumers vulnerable, particularly in Northern Ireland where a large number of homes rely on oil as their primary source of heating.”
Mr Easton said the situation was particularly concerning given that some customers were now being told there could be delays in obtaining supply from storage tanks at the docks, potentially forcing them to wait and pay even higher prices.
He added:
“Many of my constituents feel they are being ripped off and I share their concerns. The oil in question has not even moved through the supply chain yet prices are already soaring. That raises serious questions about transparency and fairness in the market.”
Mr Easton confirmed he has written to the Energy Secretary and urged the Government to examine the issue urgently.
“There must be greater transparency and oversight in this sector. I believe the time has come for the Government to seriously consider introducing a regulator for the domestic heating oil market so that households are not left at the mercy of sudden and unexplained price increases.”
Alex Easton MP
Member of Parliament for North Down
