Oil prices NI: Why are home heating oil prices rising across Northern Ireland?

The war in Russia and Ukraine has seen the price of oil spiral across Northern Ireland, here's everything you need to know.

By Sarah McCann, Search and Trends Writer
Monday, 28th February 2022, 11:39 am
Updated Friday, 11th March 2022, 4:51 pm

Since Russia invaded Ukraine, the price of oil and fuel Northern Ireland has seen the price of oil and fuel rise drastically.

Many people have been left feeling the pinch, as prices for home heating oil doubled in weeks.

Here's everything you need to know about the price of home heating oil in Northern Ireland.

Home Hearing Oil prices NI: Why are home heating oil prices rising across Northern Ireland?

Why are oil prises rising?

The most recent reason for the spike in cost for oil, is due to the Russia-Ukraine conflict.

The UK imports 6% of its crude oil and 5% of its gas from Russia, which saw prices soar by nearly 60%.

There are concerns that without Russia's oil supplies being available, there may be a shortage, which could drive up prices worldwide.

Prices of oil are at their highest for seven years and now cost more than $106 a barrel.

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How will this impact the cost of home heating oil in Northern Ireland?

The rising oil prices will cause home heating oil costs to increase across Northern Ireland.

More than two-thirds of homes here are heated by oil boilers, with it being the most popular heating method in the province.

Many customers have rushed to fill their oil tanks before prices rise further.

Some home heating oil companies have made decisions to cap oil deliveries, with MAC Fuels, which is based in Omagh, taking to Facebook to inform customers of restrictions,

"Oil prices are rising and we have been advised of low oil supply within Northern Ireland."

"So to make it fair we as a company have decided to restrict the amount of oil we deliver to any address at any one time to ensure we can continue to deliver to our customers."

How much have oil prices risen in Northern Ireland?

According to the Consumer Council, oil prices have been steadily increasing since Russia invaded Ukraine.

On February 17, 2022, the average price for 300L was £204.38, with the average price for the same oil being £409.36 from March 10.

For the same dates, the average price for 500L was £317.11, with the average price for the same oil now being £662.86.

The average price for 900L was £551.12, but has now risen to the average price of £1181.53.

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