Data published by the Consumer Council today, 23 February 2023, shows that home heating oil prices have steadily decreased this year, whilst unleaded petrol is at a one-year low.
The average cost for 500 litres of oil today is £373.27, the lowest price recorded in a number of weeks, however this is still around 17% (£56) higher than pre-Ukraine invasion prices.
The Consumer Council also published its weekly petrol and diesel price checker today, which shows that the average price of unleaded petrol in Northern Ireland this week is 143.7p/litre, the lowest price recorded in a year. Whilst diesel prices have fluctuated over the past year, they remain 8.6% higher than this time 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.”
Peter continued: 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.”