Home heating oil prices continue to drop to their lowest level in Northern Ireland since the invasion of Ukraine a year ago

On the day of the invasion, February 24, 2022, 900 litres of oil in Northern Ireland cost £556 and then jumped to £758 the next week.

Amid international alarm at the conflict and its implications for fuel supplies, the price of 900 litres then soared to £1,181, with the price fluctuating up and down since then.

Just last week, the price had fallen to one of its lowest levels since last February, when it edged down to £714 from £746 the week previous.However, latest figures from the Consumer Council reveal that the average price of 900 litres of home oil in Northern Ireland this week is now down to £658.82.

Furthermore, the average price of unleaded petrol in Northern Ireland this week is 143.7p/litre, the lowest price recorded in a year. Whilst diesel prices have fluctuated over the past year, they remain 8.6% higher than this time last year.

Peter McClenaghan, Director of Infrastructure and Sustainability at the Consumer Council, said: “As we import all our heating oil, petrol and diesel supplies, Northern Ireland is at the mercy of volatile global oil markets. Thankfully, since the end of June 2022, the global price of oil has been on a downward trend.

“Today’s prices reflect an increased supply of crude oil combined with reduced demand due to nervousness over a global economic slowdown. Additionally, the mild winter weather, has led to a drop in demand for heating oil. While the price of home heating oil has decreased slightly from the record highs recorded in March 2022, paying for heat remains very difficult for many consumers and people are worried about the future because of the current cost of living crisis.

"We would encourage people to continue to shop around for the best price for heating oil while also using distributors who have clear delivery standards and complaints procedures. In this regard, all Northern Ireland Oil Federation members have signed up to a customer charter which the Consumer Council helped them develop."