Northern Ireland home heating oil distributors now 'well supplied' for first time since Ukraine invasion, says trade body after price drops

David Blevings, spokesperson for the Northern Ireland Oil Federation, said a combination of increasing supplies and milder weather had contributed to a recent fall in prices.

While the cost of home heating oil remains far above what it was before Russia launched its invasion on February 24 last year, the latest figures from the Northern Ireland Consumer Council on Thursday showed that they have fallen to an average price of £714.27 for 900 litres - down from a peak of £1,181.53 in the weeks after the invasion.

Mr Blevings said the reduction is good news for consumers but sounded a note of caution for the future due to the possible impact of higher interest rates.

“Oil prices are falling on the back of milder weather, increasing supplies and concerns over an economic slowdown," he said.

"The market is well supplied for the first time since before the Ukrainian war commenced but there are still concerns that interest rates will increase further, and higher interest rates are negative for oil prices.”

He continued: “The reduction in global crude oil prices is feeding into lower refined product prices which in turn influences the wholesale and ultimately, the retail price of home heating oil. These factors, coupled with the milder weather has led to a lower demand for heating oil and in any competitive market that results in lower prices. This is exceptionally good news for consumers.”

He added: “While price is one factor in choosing your distributor, we would always advocate that consumers should use distributors that have a recognised customer charter in place offering a framework for delivery standards and clear complaints procedure.”

Both petrol and diesel prices have also fallen in recent weeks.

The average retail price for diesel of 162.5p per litre, according to the latest figures from the Northern Ireland Consumer Council, is the lowest since March 10 last year.

The average cost of petrol, meanwhile, of 143.7p per litre is one of the lowest reported in the past year but still very slightly above the 142.8p per litre average reported on January 19.