Price of home heating oil and fuel in Northern Ireland is at its lowest level since 2021
The price of home heating oil and fuel in Northern Ireland is at its lowest level since 2021.
The BBC report says that advice is to buy now.
The average price of 500 litres of home heating oil is £258.78; a litre of petrol costs 128.7p, and diesel is 133.4p per litre, according to Consumer Council NI's, external (CCNI) weekly price checker.
In March 2022, 500 litres of home heating oil peaked at £662.86, petrol reached 189.9p per litre in July 2022, and diesel cost an average of 197.5p per litre in June the same year.
But, the Consumer Council NI's Head of Energy Raymond Gormley advised "now is a good time" to buy oil in what is a "volatile market".
Almost two-thirds of homes [62.5%] in Northern Ireland use oil for heating, the highest proportion of the UK nations.
Mr Gormley said the current low prices for fuel and home heating oil were due to several factors, including US President Donald Trump's trade tariffs and crude oil producers producing more oil.
The Organisation of the Petroleum Exporting Countries (OPEC), which is an alliance of the top crude oil producers in the world, announced last month they were going to ramp up oil production by 400,000 barrels per day.
"So you take the impact on the world economies that Trump had and that overproduction; it has meant demand is low, supply is high and prices have come down," said Mr Gormley.