Home heating oil prices in Northern Ireland drop again - back to July/August 2023 prices

The average cost of 500 litres of oil fell to £340, and the average for 900 litres to £603, this week, according to the latest figures from the NI Consumer Council.

With prices last week already at their lowest since last summer, this week’s figures show a further drop of £9 and £15 respectively for 500 and 900 litres.

Since the summer of 2023, the price for 500 litres has continuously ranged from £351 to £401, with 900 litres mostly in a range of £620 to £706.

Prices were markedly lower in the early part of last summer. From May to the end of July, the cost of 500 litres ranged from £280 to £300, while 900 litres varied between £495 to £520.

However, even the higher prices since the autumn have been well below the levels seen following the Russian invasion of Ukraine in February 2022.

For much of the rest of that 2022, oil remained exceptionally high at almost £1 a litre.

Prices now are around 67p or 68p a litre. This is despite the ongoing conflict in the Middle East which could cause oil prices to spiral upwards.

A mild winter, and reduced consumer spending on oil due to recession, are reported to be the two main reasons for the current low prices.