Five hundred litres of home heating oil is costing people in Northern Ireland an average of £435 - up from £320 just a week ago.
The Home Heating Oil Price Checker survey carried out by the Consumer Council lays bare the staggering price rises people are facing if they want to stay warm.
It shows how anyone wanting to buy just 300 litres now will have to pay around £275, while 900 litres will cost you £758. The Consumer Council points out that oil is still the dominant fuel for heating homes in Northern Ireland, with approximately 68% of households using it.
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The price difference for 500 litres of oil in the space of the last week represents an increase of 36%. Last week 300 litres was £206, while 900 litres was £555. On January 6, 500 litres, the Council survey shows, was £264, while 300 litres was £173 while 900 litres cost £459.
The average price per litre now 92p for 300 litres of home heating oil - 87p for 500L and 84p for 900L.
On Thursday, the Consumer Council warned that further rises, as much as 30%, may be on the horizon.
Peter McClenaghan, Director of Infrastructure and Sustainability at the Consumer Council, said Northern Ireland “is at the mercy of the global markets because we import nearly all of our heating oil supplies, meaning consumers here are at risk when global prices fluctuate as our local suppliers are unable to influence these prices and the costs are passed on to consumers”.
He added: “Wholesale oil prices have been increasing because of the Ukraine crisis and due to a mismatch between the amount of oil being produced and the increased amount of oil being used since the COVID-19 pandemic.
“This increase is being felt by local consumers. The Consumer Council weekly heating oil price survey shows local oil prices jumped 36% this week following the Russian invasion of Ukraine. 500 litres of oil cost £320 last week and is now around £435.
“Unfortunately, wholesale prices are forecast to continue to rise in the coming months, perhaps by as much as another 30%, and those rises will also be passed onto consumers.
“We have been speaking with local suppliers and they advise that oil deliveries are continuing as normal despite the strong demand, but some customers may see some delay due to the volume of orders.
“Suppliers may also be unable to confirm customer prices until day of delivery so we would advise consumers to request that your supplier quotes a maximum amount that they will charge.”
The most recent spike in fuel prices comes against a backdrop of almost constant upward pressure. The Council’s Home Energy Index for February states that over the last six years (since January 2016), “Northern Ireland’s Home Energy Index (HEI) has increased by 75.17”. The index tracks the collective prices of oil, gas and electricity.
It adds: “Following a sharp decrease in early 2020, the index remained low until January 2021 when it began to rise again. It began to rise increasingly sharply during 2021 and, following a small decrease in December 2021, the HEI for February 2022 has increased again to reach a historical high.”
The home heating oil rise comes amid rising costs at the petrol and diesel pumps and fears food costs will spiral due to energy and transport costs rising as well as sanctions against Russia and the fact a large volume of the world’s wheat comes from Ukraine.
One homeowner told of what has now become a typical story when ordering oil.
He said: “I looked online last week and saw 500 litres was £327, up from £277 two months earlier. It was a few days to pay day, but I decided to stick it on the credit card as I thought it would rise more. I rang up the following day and it was £356.”
On the world oil markets, the source of the price shocks could be seen as Brent crude oil hit a record high of £86 a barrel on Thursday morning - a 16% rise over the past week and an 87% rise over the past year.
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