Economy Minister Dr. Caoimhe Archibald has expressed deep concern regarding the sharp rise in home heating oil and fuel prices across Northern Ireland following recent military escalations in the Middle East. The Minister's comments follow an Israeli/US attack on Iran, which has triggered immediate volatility in global energy markets.

On Wednesday, Minister Archibald held constructive discussions with British Energy Minister Michael Shanks and Irish Energy Minister Darragh O'Brien. While Minister Shanks provided reassurance that there is no immediate threat to fuel supply, the regional impact on costs has been severe. In Northern Ireland, where over 60% of households rely on heating oil, prices have jumped by more than 60% since last Friday.

The Minister warned that any "unjustified" price hikes for consumers would be considered unacceptable. She has instructed the Department for the Economy to remind retailers and suppliers of their responsibility to behave fairly and has committed to working with agencies to ensure pricing transparency. Minister Archibald said: "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. 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."

The surge in oil costs comes as a blow to households already struggling with the cost-of-living crisis, contrasting with the recent news of natural gas tariff reductions for homes in the region.

The Minister added: "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."

Minister Archibald concluded by committing to work closely with both the British and Irish governments as the geopolitical situation continues to evolve.