Home heating oil prices in Northern Ireland dip to lowest in a year

This week’s price check figures from the Consumer Council show that the average price 300 litres is now £237.05, while 500 litres costs £373.27 and 900 litres will set householders back £658.82.

These prices represent a drop of £16.12, £29.06 and £55.45 respectively compared to the same time last week.

And they are the lowest average prices for oil in Northern Ireland since the first week of March last year. The highest average price for 900 litres oil in the past 12 months was later in March 2022 – shortly after the Ukraine war started – when householders had to fork out an eye-watering £1,181.

While the latest prices show a welcome downturn, it is still worth shopping around for the best deal as many suppliers will deliver further afield at no extra cost.The Consumer Council figures also show a difference between Northern Ireland’s local council areas.

The highest average price for 300 litres this week is £240.85 in Armagh City, Banbridge and Craigavon while the lowest average price of £235.05 was found in Lisburn and Castlereagh.

When it comes to 500 litres, residents of Newry City, Mourne and Down are paying the highest average price of £376.50 while in Lisburn and Castlereagh it is the lowest at £369.67.

The highest average cost of 900 litres, meanwhile, is currently £663.56 in Newry City, Mourne and Down while the lowest is £649.39 in Lisburn and Castlereagh.

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

He said this week’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,” he said.

"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.”