THE cost of home heating oil is at its lowest in more than four years as the price of crude oil plummets.
Those ordering a delivery of 900 litres of oil can now expect to pay as little as £375.
It hasn't been that low since 2010 and the cost is far cry from its peak of almost £600 in early 2011.
The reduction follows a drop of more than a third in the value of crude oil in the past year, now sitting at less than $65 per barrel - it was at more than $140 a barrel in 2008.
It also makes the price of oil in Northern Ireland cheaper than gas.
The reason for decline is because oil production is increasing despite a drop in demand meaning the market is being oversupplied.
Part of the reason for that is because some of the world's biggest consumers of oil - such as the US - are turning to shale gas for their energy needs.
Head of energy policy at the Consumer Council Richard Williams said it was "great news" for customers.
"As Northern Ireland braces itself for more wintry weather, it's great news for households topping up their oil tanks before Christmas that home heating oil prices are at their lowest in four years. A 900L fill of oil this time last year cost £520 and today it's £395 [a reduction of £125]," he said.
The north has the highest percentage of homes using oil in western Europe with 68 per cent of all households relying on the fuel.
The dependence is even greater in rural areas at 82 per cent.
Mr Williams said: "In the last three months the price of home heating oil has dropped by 14 per cent whilst the price of crude oil has dropped by 30 per cent.
"We recognise there are different factors which affect the price we pay for home heating oil such as currency, supply and seasonal demand.
"But it is essential suppliers pass on any reductions in the price they pay for oil to consumers as quickly as possible.
"The Consumer Council would urge all households to check if they need to top up their tanks as deliveries could be delayed due to demand or weather disruption.
"The worst position is to run out of oil over Christmas. Emergency 20L oil drums should only be used as a stop gap because they can be two and half times the price of buying in bulk.
"Consumers can use our online price comparison tool to check out the cheapest price in their area. On Friday the cheapest 500L fill was £215 and the highest £260. The price of home heating oil does vary greatly and there are savings to be had."
* DROP: The price of crude oil has fallen to $65 a barrel, which has resulted in a fall i the price of home heating oil