Official data shows home heating oil has jumped by 81% in Northern Ireland in one week - but signs are that prices are stabilising
The official numbers are in showing just how far the price of home heating oil has leapt in one week.
Statistics from the Consumer Council show a hike up to 81% across Northern Ireland compared with seven days earlier, just before the US/Israeli strike against Iran began.
However, analysis by the News Letter indicates that this surge may have now peaked.
Here is the breakdown of average prices in the Province on February 26:
300 litres: £202.12
500 litres: £307.38
900 litres: £536.72
And here is what the Consumer Council’s latest data shows, as of this afternoon:
300 litres: £347.19 (up 72%)
500 litres: £555.59 (up 81%)
900 litres: £948.41 (up 77%)
Those are the average prices – some individual suppliers’ prices have risen more, some less.
The jump is higher than that seen at the time of the Ukraine invasion.
At that time, the price surged by around 56% in one week.
According to the Belfast-based price comparison website cheapestoil.co.uk , there are signs that the rise has largely stopped.
The News Letter has been monitoring the prices from different suppliers during the week.
For three of the firms (one in north Down, one in north Armagh, and one in Londonderry city) the price for 500 litres was the same on Thursday as it had been a day before, whilst one (a firm in west Fermanagh) had dropped its price from £568 to £558.
On Wednesday night, economy minister Caoimhe Archibald had issued a statement saying: “Let me be clear, any unjustified hike in costs for consumers is unacceptable.
“I have instructed my department to remind all suppliers and retailers of the need to behave in a responsible manner, and we will be working with our agencies to ensure transparency on pricing.”
Meanwhile there has also been an increase in fuel costs at the forecourt – albeit a far milder one.
The Consumer Council also monitors average petrol and diesel prices across the Province, and today it has reported that they stood at 126.2p per litre for petrol (up by 1.1% on the week before) and 133.8p for diesel (up by 0.9%).
The price of both fuels has been gradually coming down from a peak in summer 2022, when diesel hit 197.5p per litre and petrol reached 189.9p.