Business

Price of diesel in north falls to lowest point in more than a year

Consumer Council survey puts diesel average at 155.3p and petrol at 143p

The average price of a litre of diesel in the north has fallen to 155.3p, according to a new survey from the Consumer Council.
The average price of a litre of diesel in the north has fallen to 155.3p, according to a new survey from the Consumer Council. The average price of a litre of diesel in the north has fallen to 155.3p, according to a new survey from the Consumer Council.
By Ryan McAleer

THE price of diesel in the north has fallen to its lowest point in more than a year.

The latest market survey from the Consumer Council showed a litre of road diesel averaged at 155.3p in the past week, with petrol falling to 143p per litre.

It’s the lowest diesel price captured by the Northern Ireland-wide survey since the start of March 2022, when fuel prices began to surge in the wake of Russia’s invasion of Ukraine.

Both diesel and petrol prices peaked in early July 2022, with diesel hitting an average of 197.2p and petrol reaching 189.9p. Although there were many examples of prices rising above the £2 mark last summer.

The 143p per litre for petrol puts prices back at the market average before the Russian invasion in February 2022.

The price of home heating oil has also continued to fall in the past week, with 500 litres now averaging at around £337, the lowest since February 2022.

The falling price of fuel is broadly linked to the decrease in the price of crude oil.

Brent crude oil peaked at more than $120 per barrel in the aftermath of Russia’s invasion of Ukraine.

Last week a barrel dipped below the $73 mark.

While prices have increased in recent days, the overall trend in recent months has been a downward one.