Home heating oil prices in Northern Ireland spike to highest point in over three years: Cost up almost 70% as Trump and Israel war with Iran sparks surge
Home heating oil prices have surged to their highest point in more than three years, up by almost 70% as the war with Iran sparks a spike in costs.
Last week Northern Ireland’s average price for 500 litres oil was £307; this morning, more than one supplier was offering £500 or more for that amount.
The last time the province faced costs that high was in late 2022, after Russia’s invasion of Ukraine sent prices spiralling.
At the end of last year, one supplier in the greater Belfast area offered £298 for 500L; today, that’s gone up to £507 – an increase of roughly 70%.
As recently as the end of last week, a Co Down supplier pegged 500L of heating oil at £305. By this morning, the cost was up to £460.
Suppliers have stated householders appeared to be buying in large volumes on Monday, and as of today one major name in the industry warned they’re “currently experiencing a very high volume of orders” leading to delays in delivery times.
A key part of the problem is that Iran has all but stopped shipping through the Strait of Hormuz, a key delivery route through which 20% of the world’s oil and gas supplies are moved.
Iran hasn’t formally closed the channel and US authorities have claimed it’s still open, but Iranian threats to “burn any ship” travelling through the narrow strait have seen oil companies halt cargo transport through the area.
Yesterday the AA warned that petrol and diesel prices will inevitably increase in the coming weeks.