Oil prices in Northern Ireland stay low, despite the onset of autumn

The cost of 500 litres of oil in Northern Ireland is £296, while 900 litres is £520The cost of 500 litres of oil in Northern Ireland is £296, while 900 litres is £520
The cost of 500 litres of oil in Northern Ireland is £296, while 900 litres is £520
It is a hot weekend in Northern Ireland, but when cool autumn weather returns it might not cost a fortune to turn on the heating.

​Home owners whose properties are heated by oil – which is still a large majority of households in the province – can benefit from some of the lowest prices for the fuel since the Russian invasion of Ukraine in 2022.

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The average price of 500 litres of oil last week was £296 while 900 litres was £520, which are among the lowest prices since the Putin onslaught two-and-a-half years ago.

The current prices work out at 58 to 59 pence per litre, which is far lower than the post Ukraine war average. In the weeks and months after the invasion home heating oil in Northern Ireland was mostly in a range of 90p to £1 a litre.

As recently as early last year oil prices in NI were still a hefty 85p a litre, before beginning to fall steeply in the spring. The lowest prices since 2022 were early last summer when it cost about 55p a litre to purchase home heating oil, about £280 for 500 ltrs and £495 for 900 ltrs, before climbing again in the last summer and autumn.

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There are two striking aspects to the current prices which are not quite as low as last summer but are nonetheless far below the post 2022 average: first, the fact that the war in the Middle East after the Hamas attacks of October 7 last year have not led to sustained higher oil prices; second, the fact that the onset of autumn and increased demand has not yet pushed up prices.

The lower prices are being caused by an expected drop in global demand for oil. Some energy industry pundits expect that fall to continue, but others are predicting price rises before Christmas. It is, it seems, a good time to buy.