Cost of Living: ​Heating oil prices lowest for over a year

According to the latest figures from the Consumer Council, petrol and diesel prices have also continued to drop below to their lowest since the Russian invasion of Ukraine.​

World oil prices surged dramatically after the invasion in February last year, with prices for both home heating oil and forecourt fuel in NI peaking at extreme levels last summer and autumn.

Just before the invasion, heating oil in NI was £317 for 500 litres, peaking at £540 last September. But NI homeowners can now rejoice that heating oil prices have hit their lowest price since the invasion, at £279.60, which is roughly the same level as a month before the war.

Peter McClenaghan from the Consumer Council, said: “This summer we are seeing prices almost half the price they were last year. Consumers will be relieved to see these price decreases, particularly given most other household costs continue to rise."

​The rise in energy prices has come about despite an actual drop in unit prices.

Power NI has announced that a review of its underlying residential unit price has resulted in a 2.4p per unit (7.1%) decrease, due to a fall in wholesale market costs. However, this drop coincides with the ending of the Government’s Energy Price Guarantee (EPG) support from July 1.

For Power NI residential customers, the withdrawal of the EPG means there will be an average tariff increase of 1.5p per unit (or 5.1%) from July 1.

Although wholesale energy costs are falling, they are still around twice ​​​​​the price of historic norms.