Northern Ireland home heating oil: Big drop in prices now followed by marginal increase says Consumer Council

On the day of the invasion, 24 February 2022, 900 litres of oil in Northern Ireland cost £556 and then jumped to £758 the next week.

Amid international alarm at the conflict and its implications for fuel supplies, the price soared to £1,181, with the price fluctuating up and down since then.

By 24 February this year - the anniversary of the Russian invasion of Ukraine - the price had fallen to one of its lowest levels since the historical event, at £658.82.

However the latest average figure for 900 litres across NI, according to the Consumer Council today, is now several pounds higher than this low, at £661.08.

This is still £102.82 more expensive than the average price for NI before the Russian invasion.

The Consumer Council says the lowest average price today in Northern Ireland is in Londonderry and Strabane, at £655.50, while the most expensive area is Armagh Banbridge Craigavon at £666.30.

Speaking recently to mark the lowest price since the invasion, Peter McClenaghan, Director of Infrastructure and Sustainability at the Consumer Council, said: “As we import all our heating oil, petrol and diesel supplies, Northern Ireland is at the mercy of volatile global oil markets. Thankfully, since the end of June 2022, the global price of oil has been on a downward trend."

He said the lower prices reflect an increased supply of crude oil combined with reduced demand due to nervousness over a global economic slowdown.

"Additionally, the mild winter weather has led to a drop in demand for heating oil. While the price of home heating oil has decreased slightly from the record highs recorded in March 2022, paying for heat remains very difficult for many consumers and people are worried about the future because of the current cost of living crisis.”

He encouraged consumers to shop around for the best price, noting that Northern Ireland Oil Federation members have signed up to a customer charter which the Consumer Council helped them develop.