To ask the Minister for the Economy to outline any steps her Department is taking to protect consumers in Northern Ireland from volatility in the home heating oil market.

Dr Archibald

I am very concerned about the impact of the rise in heating oil prices here following the Israeli-led attacks on Iran. It particularly affects our lower-income and vulnerable households. Approximately 60% of our homes — more than half a million — use home heating oil as their primary source of heating. In recent weeks, I have met representatives of the heating oil and natural gas sectors, National Energy Action (NEA) and the wider business community to understand first-hand what cost pressures are in the market and the impact that those are already having on our lower-income and vulnerable households and businesses. I have consistently pressed Minister Shanks and Minister McCluskey for urgent support for consumers, and I will continue to do so, as the £17 million confirmed on Monday 16 March is clearly inadequate to help those struggling with rising energy prices. My officials and I have engaged with the Competition and Markets Authority (CMA). I welcome its review of the conduct of oil suppliers, intermediaries and brokers to ensure that pricing reflects genuine cost pressures and that behaviour is consistent with consumer protection law. The Trading Standards Service plays a key role in protecting consumers from illegal trading practices, including unfair pricing, while supporting legitimate businesses. It also provides guidance to oil retailers on their obligations and advice to consumers on raising complaints. The Consumer Council provides invaluable information for consumers by monitoring heating oil prices and publishing weekly average prices. Consumers are encouraged to use its website to compare suppliers and find information on oil buying clubs and fuel stamp schemes.

Dr Archibald

I thank the Member for the question. I am on record as saying that I have ruled nothing out on the issue. However, economic regulation of the home heating oil market has never operated here or, indeed, anywhere in Europe. Around two thirds of the cost of what consumers pay is the wholesale cost. That is out of our control, and regulation would have no direct impact on it. Our heating oil market is very competitive. We have over 200 suppliers. There is a risk that any benefits arising from regulation could be outweighed by the cost of regulation itself. However, when I spoke to Minister McCluskey on 14 March, we discussed those issues and the study that the Competition and Markets Authority was, at that point, likely to undertake and, as it has confirmed, is now undertaking.

When I met its representatives last Thursday, we again discussed the issue. We have agreed that my officials will provide data to support its study. We will carefully examine any recommendations that come out of the study. Our oil suppliers make the case that they are price takers. I want to see transparency in that supply chain so that we can understand where costs are being applied. It may well be the case that regulation needs to happen at British Government level, but I am open to looking at the recommendations that come out of the CMA study.

Madam Principal Deputy Speaker

We now move to topical questions.