Northern Ireland consumers urged to take advantage of fall in the price of home heating oil to pre-Ukrainian invasion levels

Amidst continued escalating costs of everyday goods and the end of the government’s energy price guarantee, there was good news for consumers as the latest oil price figures show that oil prices across Northern Ireland have reduced on average by about 10% on pre-invasion levels and are 50% lower than at their peak of the fuel crisis.

According to the Consumer Council website, the average cost of 900 litres on February 24 last year was £555.72. On July 6 the average cost was £501.52.

The peak price was on March 10 last year, coming in at £1181.53 for 900 litres.

David Blevings, area manager of OFTEC – a trade organisation for the heating and cooking industries, said: “This is fantastic news for oil users, and we would encourage consumers to take advantage of these lower prices to fill their tanks ahead of the winter.

“For existing homes, oil is once again the most cost-effective way of heating your home in Northern Ireland today and shows that competition in this sector continues to deliver value for consumers”.

Looking ahead to the Department for Economy’s heat consultation later this year which will determine how we heat our homes in the future, Mr Blevings said renewable liquid fuel must play a key role.

He said: “With over 60% of homes using a liquid fuel in Northern Ireland there is a clear need to ensure a sustainable, renewable liquid fuel is included in any future strategy."

Peter McClenaghan, Director of Infrastructure and Sustainability at the Consumer Council, said: “Recent stability in the home heating oil market is very welcome for consumers because, as the past two years have shown, the heating oil market can be subject to significant price fluctuations.

"Our Heating Oil Price Checker shows prices only changed by around a penny per litre for 500 litres of heating oil during the eight weeks between May 11 (£285 per 500 litres) and July 6 (£284 per 500 litres).

"This means prices are lower than prices directly prior to the beginning of the war in Ukraine but higher than the pre-pandemic price of £259 for 500 litres on January 2, 2020.”