Home heating oil prices are continuing to drop after the lowest price for a number of weeks is recorded.
Data published by the Consumer Council shows that the average cost for 500 litres of oil is £373.27 today after customers had been paying record highs one year ago.
It has also revealed that the price for unleaded petrol is now at a one-year-low at 143.7p per litre.
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However, home heating oil prices still remain 17% or £56 higher than they were prior to the Russian invasion of Ukraine last year.
Diesel prices remain 8.6% higher than they were 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.”
"The Consumer Council tracks home heating oil and forecourt prices across Northern Ireland on a weekly basis and publishes the results on its website every Thursday. Our free online Fuel Price Checker helps consumers here check the highest, lowest, and average price of petrol and diesel in their area to ensure they are getting the best value when topping up their tank.”
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