Price of home heating oil starts heading up for the first time in over three months in Northern Ireland - pump costs still falling
The months-long drop in the cost of home heating oil has gone into reverse, with prices taking a sharp lurch upwards this week.
That is the picture that has emerged from the latest Northern Irish survey by government agency the Consumer Council today.
It is the first time the price has risen since the start of April.
It comes as hostilities have resumed between the US and Iran in recent days.
Meanwhile, the price of road fuel is continuing to drop.
The News Letter had reported a fortnight ago that if home heating oil prices were to keep on falling at the same rate they had since late May, then by today’s date they would reach roughly pre-war levels.
Instead, here are the average prices the Consumer Council has now revealed:
• 300 litres: £246, up from £216 the week before;
• 500 litres: £391, up from £347 the week before;
• 900 litres: £691, up from £615 the week before.
On February 26, just before the war began, the prices had been:
• 300 litres: £202;
• 500 litres: £307;
• 900 litres: £547.
And at their very peak on April 9, they were:
• 300 litres: £383;
• 500 litres: £612;
• 900 litres: £1,089.
Forecourt prices have continued moving down.
Diesel had been averaging 156.7ppl in the Province on July 2, and as of today it is 154.6ppl.
Petrol meanwhile was averaging 145.7ppl on July 2, and is now 144.7ppl.
Just before the Iran war began, the average price of diesel in Northern Ireland was 132.6ppl and at its peak on April 16, it stood at 188.1ppl
Petrol’s pre-war price was 124.8ppl, before it surged to a summit of 154ppl on April 16.
Globally, the price of a barrel of crude oil began spiking on Monday, going from just over $71 per barrel to about $79 today.
Speaking in the House of Commons today, foreign office minister Hamish Falconer told MPs: “Our priority now is ensuring unimpeded transit passage through the Strait [of Hormuz] without the threat of violence, tolls, fees or conditions.”
Foreign Secretary Yvette Cooper later said “the UK stands ready to support a return to talks” to de-escalate the conflict.
US forces hit around 90 targets across Iran overnight last night, while Tehran responded with attacks on Bahrain, Kuwait and Qatar early on Thursday.
Donald Trump has declared a previous ceasefire deal “over”, after Iran targeted three tankers in the Strait of Hormuz waterway on Tuesday.
Mr Falconer said: “We strongly condemn the outrageous Iranian attacks on the territory or vessels of our Gulf partners – Bahrain, Qatar, the Kingdom of Saudi Arabia and Kuwait.
“This is a serious escalation.”