Energy ministers meet over rising price of fuel

The rise in energy prices has been discussed by ministers from Northern Ireland, the Irish Republic and the UK.

Stormont Economy Minister Caoimhe Archibald said she had “constructive engagement” with UK Energy Minister Michael Shanks and Irish Energy Minister Darragh O’Brien about the rising price of home heating oil and fuel.

She said she was assured there is no short-term risk to supply, and said she had committed to working closely with both governments as the situation evolves.

“Earlier today I spoke with both the Irish and British Energy Ministers about the price hikes in home heating oil and fuel which has followed the Israeli/US attack on Iran,” she said.

“Minister O’Brien shared my concerns on the rising costs of home heating oil across the island, and outlined his plans to engage with the energy sector.

“Minister Shanks provided reassurance that there is no short-term risk to supply.”

Ms Archibald said that any unjustified increase in costs for consumers is unacceptable.

“I have instructed my department to remind all suppliers and retailers of the need to behave in a responsible manner, and we will be working with our agencies to ensure transparency on pricing,” she said.

“Whilst the announcement of a reduction in natural gas tariffs for homes earlier this week is welcome, over 60% of people in the north rely on home heating oil where we are seeing cost increases of more than 60% since last Friday.

“In my conversations with Minister Shanks I made a firm case for people to be supported through this energy shock, similar to the way in which support was provided by the British Government following the Russian invasion of Ukraine.

“I’m encouraged that Minister Shanks agreed to keep the situation under review, as events are fast moving and it is unclear how long the conflict will last.”