Home heating oil prices in Northern Ireland have gone up in response to colder weather with a typical fill now £10 dearer than a week ago, a report has said.
The cold snap of the past week has many people checking their supplies, and now might be a good time to top-up on home heating oil, as prices are increasing after having fallen over the past year.
The average price of 900 litres of home heating oil is now £503.87, a reduction of 20% from the figure for 12 months ago, when the same amount cost £630.
However, it’s up nearly £17 on the week before, according to the NI Consumer Council’s weekly report on prices.
And the average price of a 300 or 500 litre fill-up has gone up by around £10.
However, prices are down on last year, with 500 litres now costing £288 on average today, down 18.75% from the figure in November 2023.
Meanwhile, 300 litres of oil costs £186 on average, a fall of 17% from the cost one year earlier, which had 300 litres setting you back £224.
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According to the Consumer Council, Derry City and Strabane has the best average prices for home heating oil among the different council areas in Northern Ireland.
Customers in the north-west are saving an average of £3 to £4 on a 300 litre or 500 litre purchase, and around £2.89 on a 900 litre top-up.
The best prices within Derry City and Strabane can produce savings of as much as £10 compared to the average in Northern Ireland.
By contrast, customers in Newry Mourne and Down are typically paying more than the average consumer in NI.
They are paying around £3 to £4 more for purchases of 300 litres and 500 litres, and about £6.64 more for top-ups of 900 litres.
Average prices within council areas also vary depending on how much oil is being bought. For example, Belfast customers will spend £1.50 more on average on a 300 litre fill-up, costing them £187.84, but will save £1.60 on the typical 900 litre top-up at £502.27.
While the general trend has been downwards, the price of home heating oil in Ni has fluctuated over the course of the year.
There was a slight spike in average prices in the middle of last month, with the cost of a 900 litre fill up going up around £40 in one month before falling again.
Prices of home heating oil have gone through several jumps and contractions in the past number of years. In March 2021, 900 litres of oil cost £329, 500 litres £192 and 300 costing £130.
Russia’s invasion of Ukraine in early 2022 sent a shockwave through energy prices across the world, including in Northern Ireland.
The cost of heating oil nearly doubled in a fortnight, with the average price of 900 litres jumping from £550 to £1181.