David Blevings, Executive Director of the Northern Ireland Oil Federation, rejected accusations of price-gouging against local heating oil distributors. He called such claims totally uncalled for during a committee briefing.

Blevings described distributors in Northern Ireland as price-takers, stating they do not hold stock due to volatile commodity prices that can shift by 10p per litre in a single day. He noted that holding stock would lead to business failure.

He welcomed the recent Competition and Markets Authority review of heating oil markets, launched in response to profiteering allegations. Blevings anticipates a positive outcome for local distributors.

Following the start of conflict involving Israel, the US, and Iran on February 28, distributors faced a 50-fold surge in orders the next Monday.

Blevings pointed out that oil prices fluctuate like other commodities. He gave an example of gold prices rising from £3,500 to £5,000 per ounce overnight, questioning why a seller would offer it at the lower price.

He reported that EBITDA for most Northern Ireland oil distributors stands at about 1 percent, with after-tax profit at 0.2 percent. Blevings said his members would gain more under regulation.