Sarah Cardell, Chief Executive of the CMA, said that while the home heating oil market is generally competitive, that is “not enough to ensure good outcomes for all”.
“Stronger safeguards are needed – including regulatory oversight and better support for vulnerable consumers as well as communities living in areas of the UK that are particularly exposed to higher and more volatile prices,” she added.
Around two thirds of Northern Ireland households use home heating oil, by far the highest of any UK region.
At the start of the United States and Iran conflict in March, heating oil prices in Northern Ireland rose by a record monthly rate of 92%.
That compared to the previous largest spike of 59% in March 2022, after the Russian invasion of Ukraine.
Analysis by the CMA suggested that prices rose even more steeply in Scotland and Wales, where heating oil is typically used in remote rural areas.
It found that prices tend to lower in NI overall as it has a competitive range of suppliers and a market which is big enough to minimise delivery costs.
