Report finds heating oil suppliers haven't profited materially from Iranian crisis

The UK and Ireland Fuel Distributors Association says the report underlines that distributors did not materially benefit 

A comprehensive report by the UK Competition and Markets Authority has found that the home heating oil market is generally competitive, and suppliers have not profited materially from the Iranian crisis.

Responding to the findings the UK and Ireland Fuel Distributors Association, of which local suppliers Manx Petroleum and EVF are a part, says the report underlines that distributors did not materially benefit from the Iranian crisis despite accusations to the contrary.

Ken Cronin UKIFDA CEO says the majority of the price increase was due to the underlying wholesale price and associated costs outside the control of the industry.

The CMA report found that in the vast majority of cases distributors acted in accordance with contractual terms despite the market turmoil. However, there were a small number of cases found which require redress and ongoing work.

Meanwhile, the industry body acknowledges recommendations in the report on how the system can be improved and pledges to work with all governments to agree on how the recommendations can be best implemented for customers.