Cost of Living: ​Home heating Oil prices in Northern Ireland plunge to four-year low

​The marked drop comes, ironically, when homes across the province do not need heating so much due to the spell of unusually mild weather, and the approach of summer.

But it is a very good time to fill up your oil tank – oil is still the most popular method for home heating in NI, unlike in England where less than 5% of homes use it.

Oil has been relatively cheap all winter, having fallen before Christmas to under £300 for 500 ltrs and under £500 for 900 ltrs of it.

But last week it was at only £267 for 500ltrs and £477 for 900 ltrs, according to the NI Consumer Council.

In fact, prices are even lower than that in many outlets, because that average figure is based on the preceding week running until Wednesday April 9, whereas prices have fallen further due to global economic turbulence, in part caused by confusion about Donald Trump’s tariff plans.

Some suppliers are currently offering 900 litres at as little as £415.

This represents a cost of about 46p a litre, which is less than half it was after Moscow launched its war in February 2022, when home heating oil prices soared to more than £1 a litre.

Prices have not been this low since late 2021, when oil prices were still depressed as a result of the pandemic and lockdowns.

In the spring of that year it was possible to buy oil at a bargain £190 for 500 litres and a mere £330 for 900 litres.

The lower prices now will further help alleviate the cost of living crisis.