Heating oil price spike leaves households and suppliers out of pocket

"I'm working 16 hours today and I'm losing 1,000 because of not charging enough a day or two ago when I accepted the order. Andy Douglas set up Andy's Oil in 2013, providing heating oil to his customers in County Armagh for over a decade. The oil seller, who has worked in the trade since 2003, says he has been forced to operate at a loss due to sudden price volatility."

"Home heating oil is used by around 1.5 million households in the UK, but sudden volatility in global oil trade has caused prices to spike by as much as 100 in the past week alone. Nearly two-thirds of homes (62.5 per cent) of homes in Northern Ireland use oil for heating, compared to the UK average of just over five per cent."

Rising heating oil prices in the UK have created significant financial strain for both consumers and suppliers. Approximately 1.5 million UK households rely on home heating oil, with Northern Ireland particularly affected at 62.5 percent usage compared to the UK average of 5 percent. Global oil trade volatility triggered by Middle East conflict has caused prices to surge by up to 100 pounds in a single week. Heating oil suppliers face severe challenges, with some forced to temporarily stop accepting orders due to operating losses. Andy Douglas, who established Andy's Oil in 2013 serving County Armagh customers, reports losing substantial daily income by honoring previous orders at outdated prices. The situation reflects broader economic pressures on both businesses and households managing heating costs.

Read at www.independent.co.uk