Mon, 05 May 2025

Mon, 05 May 2025 Home heating oil and fuel prices drop to 2021 levels

People who heat their homes with oil have been advised to buy now despite the upcoming summer months.

* The price of home heating oil and fuel in Northern Ireland has reached its lowest point since 2021, with an average price of £258.78 for 500 litres of oil.
* Petrol costs 128.7p per litre, while diesel costs 133.4p per litre according to the Consumer Council NI's weekly price checker.
* The low prices are due to several factors, including US President Donald Trump's trade tariffs and an increase in crude oil production by the Organisation of the Petroleum Exporting Countries (OPEC).
* Consumers are advised to buy home heating oil now while prices are low, as it is "good value for money" according to CCNI's Head of Energy Raymond Gormley.
* However, many people are still struggling with fuel costs, with some saying they can't afford to fill up their cars due to high prices.
* Some experts believe that fuel prices could drop even lower in the coming weeks, while others warn that prices may increase again in the winter months.
* CCNI is advising consumers to buy oil in bulk and to consider joining an oil buying club or using pre-payment schemes to spread the cost of their fuel bills.
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