Sinn Féin are calling for the introduction of legislation to regulate the home heating oil market bringing a motion to the Assembly on Monday.

Speaking ahead of the debate, the party's energy Spokesperson Phil Flanagan MLA (Fermanagh & South Tyrone) said: "It is clear that there is widespread market failure within the home heating oil industry; soaring prices and massive variations in the prices consumers pay across the north demonstrates that we need to see some form of regulation of the industry to ensure that consumers are protected.

"There is no transparency for consumers on what they are paying for when they purchase heating oil and most consumers rightly feel that there is a certain level of profiteering going on at some stage in the supply chain; this perception needs to be addressed.

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"As far as the consumer is concerned, there never appears to be a situation when the price of oil comes down, despite on several occasions the price per barrel on a global scale decreasing significantly.

"Most consumer groups, including the Consumer Council, have advocated the introduction of regulation; but this has to be date been rejected by some on the basis that competition is working well.

"The essence of market competition highlights that services or products offered by several competitors will lead to a price drop.

"However, this has not been the case. What we seem to have is an cartel system as many distributors hold their prices at a constant rate or even raise their prices together as one."

Sinn Féin says the system currently in place is not working for the benefit of the public and is leading to ever increasing fuel poverty across the north of Ireland.

(CD/DW)