FERMANAGH household are in for “a bumpy six months ahead” when it comes to the cost of home heating oil and motor fuel, as the global energy crisis starts to hit home.
This week fuel prices hit their highest levels since 2012, close to a record high, as the soaring cost of gas across the globe has a knock on affect. However, according to local fuel supplier Terry Hughes, who in ordinary circumstances can usually give an accurate prediction of upcoming fuel prices, said the situation is also being impacted by global supply issues.
“At the minute, nobody knows where it’s going to end up,” said Mr Hughes, who runs TJ Hughes Circle K in Belleek, which straddles the Donegal border.
Mr Hughes said there was currently a perfect storm of volatility, which could be worsened if we are hit by a bad winter.
“It is about demand on a lower output,” he said. “It’s not that oil prices have gone sky high, it’s that the output is reduced and the distribution levels aren’t there at the moment.”
Mr Hughes said there was always a rise in home heating oil prices at this time of year, due to seasonal demand, but “this year it’s down to the supply not meeting demand in oil pricing and currency.”
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