Home heating oil prices in Northern Ireland hit a six-month low

According to the price checker published by the Northern Ireland consumer watchdog on Thursday, prices for home heating oil have dropped to their lowest level since August.

Its research said that 300 litres cost on average £214.49, making it nearly £10 cheaper than at the beginning of August.

And 500 litres now cost an average of £340.44 – a drop of £11.17 since early August.

Meanwhile, 900 litres is around £11.53 cheaper than in August and nearly £15 cheaper than last week, costing on average £603.31.

Derry City and Strabane topped the list this week as the cheapest of NI’s 11 district councils for orders of home heating oil, the prevalent fuel for heating homes in Northern Ireland.

At £210.05, orders of 300 litres of home heating oil are around £4.44 cheaper in the area.

And it was the cheapest spot for orders of 500 litres and 900 litres, with an average order costing £334.25 and £598.77 respectively.

At £218.18 on average, Armagh, Banbridge and Craigavon remained the most expensive place for orders of 300 litres.

And Newry City, Mourne and Down is currently the most expensive place for orders of 500 litres and 900 litres, costing £344.60 and £609.79 respectively.

Despite the recent downward trend, prices still remain higher than they were before prices hit record highs in March 2022, in the aftermath of Russia’s invasion of Ukraine.

Prices for 900 litres peaked in the week of March 10, 2022 when it cost £1,181.53.

The previous year, in March 2021, the cost of 300 litres was just £130.82, while 500 litres totalled £192.11 and 900 litres was priced at £329.86.

Meanwhile, petrol and diesel prices are continuing to climb and have seen the eighth increase this year.

Petrol is now on average 138.9p per litre, up from 137.8p, while diesel is 148p, up from 147.2p.

Of all the locations monitored by the Consumer Council, Ballymena is the cheapest place to fill up on petrol, costing on average 136.9p per litre - 2p cheaper than the national average.

Lisburn has remained the cheapest location for diesel, costing 144.9 per litre.

At 144.9p per litre, 6p higher than the NI average, Magherafelt continues to be the most expensive place for petrol.

For diesel, Magherafelt and Newry topped the list as the most expensive of all locations surveyed with the prices 3.9p above the NI average.

Fuel prices had been climbing down, with petrol hitting the lowest average price recorded since October 2021 in January when it was priced at 135p per litre.

Diesel was priced at 143.3p, the lowest price recorded since August 2023, but prices have been steadily ticking up since.