The price of oil is on the way up. Fermanagh residents should be aware that the price of oil is set to increase as the winter months are fast approaching.
The warning comes as the price of home heating oil has hit a six month high increase from 24.6pence per litre to 35 ppl.
One of the main reason for the price hike is the sterling exchange rate against the dollar, and as the dollar has strengthened against the pound, the price of oil has increased.
The price hike will add to the bills of household users as home heating oil becomes a necessity as the weather starts to turn colder within the next few months. Shane McGirr from McGirr Fuels in Fivemiletown states that while the price of home heating oil has increased recently, it is a very unpredictable market.
“The price of oil is so unpredictable, it changes everyday so it is always possible that it could fall again.
It all depends on the exchange rate of the sterling and the dollar. The rate of the sterling has not been great since the Brexit, so that has not helped the cost of oil.”
“This time of year with the weather getting colder, the oil is a necessity and tanks need to be filled. The increasing price is a massive cost for families at this time of year.
It would be cheaper for people to fill their tanks each time they order oil, but not everyone can afford to spend that amount of money at the one time so we have to work to whatever people’s budgets are,” said Shane McGirr.
Fermanagh homes have recently been enjoying a period of low oil prices, but with the price hike the cost of home heating oil is still cheaper, in comparison to that of previous years.
“The price of oil was low for a long time, and we have seen tanks filled by customers that we never seen full before.
Oil has definitely got dearer but in comparison to two or three years ago, it is still about one third cheaper than what it has been previously,” added Shane McGirr.
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Posted: 9:48 am September 11, 2016