Oil Price Surge Hits Home Heating Oil Prices in Northern Ireland

The price of oil has surged to a four-month high, reaching $108 per barrel. This increase is largely due to the ongoing conflict between Iran and the US, which has disrupted global oil supplies.

Northern Ireland is particularly vulnerable to these price rises, as around two thirds of households rely on home heating oil. The unregulated nature of this market means that prices are quickly passed on to consumers.

The Northern Ireland Consumer Council's data shows that the average price of 500 litres of home heating oil has risen by almost 10% in a week, reaching £542. This is roughly double what it was last year at this time.

The rising oil price is also being reflected in petrol and diesel prices, with the average litre of diesel costing £1.77 and unleaded petrol costing £1.57. The wholesale price of natural gas has returned to a level last seen in 2022, which could lead to further price increases for consumers.