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AN OMAGH-based home heating supplier has said it is suspending oil sales this week following an unprecedented surge in demand.
It comes as customers rush to buy amid rising prices driven by the escalating conflict in the Middle East. Doherty Fuels, based in the Gortrush Industrial Estate, said it has been forced to stop selling oil this week after a dramatic increase in orders.
The company’s owner, Michael Doherty, said the business typically takes between 200 and 300 orders per week, but is on course to receive nearly 790 this week.
He added that the company has now been placed on an allocation, which restricts the amount of oil it can receive.
“I think there is a real misunderstanding, with people thinking we are making lots of money out of this,” said Mr Doherty.
“Overnight, oil increased in price by 14p a litre and we have already taken hundreds of orders. We will unfortunately likely lose money on some of them, as those orders were taken at a different price.
“On Tuesday, we had to change our prices five times as the markets are spooked and the price of oil is fluctuating all the time. We have had to suspend sales this week. We are only a small supplier with three tankers and the demand is huge. We have been put on allocation, but we will meet all the orders taken at the price we agreed.”
Mr Doherty also said that stock is limited at this time and prices will continue to fluctuate.
Pensioner Rosemary Quinn said she had priced 900 litres of heating oil at £535 last week, but just seven days later the same amount now costs over £730.
She added, “It’s hard to believe the price can increase so quickly. I don’t know how people will be able to cope.
“I know what is happening in the Middle East will increase prices, but it seems scandalous to see such a surge in such a short amount of time.”
The cost rises have occurred due to Iran warning vessels not to pass through the Strait of Hormuz, a crucial waterway in the south of the country through which about 20 per cent of the world’s oil and gas is shipped.
Customers across Northern Ireland have seen fuel prices at petrol stations spike, with some increasing by 10p overnight on Monday and further rises expected throughout the week.
Automobile Association President Edmund King has predicted that military action is likely to disrupt oil distribution, leading to price hikes.
Mr King said, “The turmoil and bombing across the Middle East will surely act as a catalyst to disrupt oil distribution globally, which will inevitably lead to price hikes. So drivers beware, within the next 10 to 12 days we could be seeing record prices at the pumps.”
Currently, the average price for petrol is 133.4p per litre and 143.2p for diesel, according to AA data.
