Don’t hold off on home heating oil in hopes of price drops, expert urges Northern Ireland consumers

The warning was made by the Northern Ireland Consumer Council’s director of infrastructure and sustainability, Peter McClenaghan, who put the slight reduction in prices from local fuel retailers down to global market conditions.

Home heating oil prices have fallen for six weeks in a row with costs now at their lowest since April, according to the latest figures published by the Consumer Council.

The public body conducts a weekly survey of prices across Northern Ireland and publishes its findings each Thursday.

The most recent figures show that a 900-litre fill of home heating oil retails for an average of £760.16 — down on the previous week’s average of £773.48 and well below the peak recorded in early March of £1,181.53.

Mr McClenaghan, however, urged people not to go without heating in the expectation that prices would continue to fall.

“The latest figures from the Consumer Council’s Home Heating Oil Tool and Fuel Price Checker Tool show that the average prices for petrol, diesel, and home heating oil have reduced a little in recent weeks,” he said.

“Whilst this is welcome news for consumers, prices are still very high with 500 litres of heating oil costing over £200 more than the 10-year average, and the cost of filling up a car is close to £100.”

He continued: “Prices have reduced slightly as those who trade oil are concerned about the impact a recession could have on the global demand for oil.

“With the market to remain volatile due to factors including tensions over energy supply coming from Russia, local prices could also seesaw in the short-term.

“Therefore, it is unlikely to be very beneficial for consumers to hold off buying home heating oil, especially if it means going without heat.

“Instead, consumers should continue to shop around for the best deal particularly as buying large volumes of home heating oil is a huge outlay for families right now.”

Meanwhile, campaigners have warned there will be fuel poverty deaths this winter unless Stormont “urgently” introduces regulations to curb rising energy costs.

People gathered at a protest in Belfast city centre on Saturday afternoon, calling for Minister Gordon Lyons to take “immediate action” to stop the cost-of-living crisis spiralling further out of control.

The demonstration, organised by the Cost of Living Coalition, took place outside the Department for the Economy offices on Adelaide Street.

People Before Profit MLA Gerry Carroll, who attended the demonstration, warned the outlook would be “bleak” unless the economy minister introduces energy price reductions and caps.