Economy Minister Dr has written to the
British Government warning that the rapid rise in global oil and
natural gas prices is now placing significant pressure on
households and businesses across the north.
It comes as consumers using heating oil saw prices rise over 80%
in less than a week.
The Minister's call for action builds on her engagement last week
with her Irish and British Government counterparts, business,
consumer, and industry stakeholders, on the stark price rises in
petrol, diesel and heating oil.
Today writing to the Department for Energy Security and Net Zero
Minister, MP, Minister Archibald
expressed deep concern about the impact on local people,
particularly on lower income families, vulnerable consumers, and
businesses, already burdened by the rising cost of living.
The Minister said: "Unprecedented price spikes, following
the Israeli/US attack on Iran, are being felt by local homes and
businesses across the north. With so many people already
struggling with the cost of living, the speed and scale of these
increases risk causing real hardship and need to be met with
support from the British Government like that made available
following the Ukraine invasion.”
Following Russia's invasion of Ukraine in 2022, the British
Government introduced a series of financial support schemes to
shield consumers and businesses from the extreme price
volatility including reducing unit costs for domestic
electricity and gas customers and targeted wholesale energy price
discounts to businesses and the public sector.
The Minister added: "These measures made a real difference
during the last energy crisis. Given the scale of the current
price shock, it is essential that similar options are examined
urgently. Households and businesses here must not be left to bear
the brunt of these costs.”
The Minister remains in active engagement with the Irish and
British Governments, the Utility Regulator, and industry
stakeholders as the situation develops.
