Home oil prices in Northern Ireland plunge to the lowest level since the Russian invasion of Ukraine, and are now half their peak level
Home heating oil prices in Northern Ireland have plunged to their lowest level since the Russian invasion of Ukraine.
The latest survey from the Consumer Council NI found that the cost of purchasing 900 litres was a mere £599, which means that prices have halved since the Putin attack.
Just before the war began in late February last year, it cost £556 to buy 900l of oil. It then leapt to £758 after the conflict got under way, and peaked the following week at £1,182.
Oil prices in the Province began to gradually decline thereafter and fluctuate up and down, rising again just before Christmas when oil cost a hefty £1 a litre.
In recent weeks they have been heading back down and made a rare dip below £700 for 900l at the end of February, when it cost £659.
They then continued their journey towards the £600 level – more than 40% below peak costs and a third below the price at Christmas – albeit bumping up to £661 on March 9.
Now however they have fallen below £600 and are edging towards more normal prices of 50p a litre, or £450 for 900l.
It typically costs more per litre for smaller purchases, and the latest consumer council data finds that 300l costs £262 and 500l £422, but these figures are also well below recent averages.