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500 signatures reached
To: NI Executive
Regulate heating oil in NI NOW!
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The price of heating oil is skyrocketing yet the industry is unregulated - the NI Executive needs to regulate the heating oil market today.
Why is this important?
62.5% of homes in Northern Ireland use oil for heating - the highest proportion in the UK. And the surge in price has left many of the most vulnerable people in our communities unable to heat their homes.
Unlike gas and electricity, the heating oil industry is not regulated - and that means there’s nothing to stop prices rising drastically and quickly and local companies from making millions in profit.
The recently announced energy payments will do very little to mitigate the price surge and will end up in the pockets of the heating oil companies.
LCC group, a Cookstown-based heating oil and fuel company worth over £1.1 billion, who paid nearly £90 million in dividends to its shareholders last year, mostly to the members of the Loughran family who own the company. Head of the company Michael Loughran has an estimated worth of £530 million!
It is time for Stormont to regulate the heating oil industry today and stop these crazy price increases once and for all.
Unlike gas and electricity, the heating oil industry is not regulated - and that means there’s nothing to stop prices rising drastically and quickly and local companies from making millions in profit.
The recently announced energy payments will do very little to mitigate the price surge and will end up in the pockets of the heating oil companies.
LCC group, a Cookstown-based heating oil and fuel company worth over £1.1 billion, who paid nearly £90 million in dividends to its shareholders last year, mostly to the members of the Loughran family who own the company. Head of the company Michael Loughran has an estimated worth of £530 million!
It is time for Stormont to regulate the heating oil industry today and stop these crazy price increases once and for all.