Average price of home heating oil drops to lowest price since August

The average price of 500 litres of home heating oil dropped to £418.85 this week.

THE average price of home heating oil across Northern Ireland has fallen to its lowest level since mid-August.

The Consumer Council’s weekly survey found an order of 500 litres across the north this week cost £418.85 on average.

The average price of 900 litres is now £743.79, with smaller batches of 300 litres averaging £260.10.

It marks the third straight week of oil prices coming down and the cheapest since it dropped to £412.51 in August.

It's only the second week that 500 litres of heating oil has averaged below £420 since April.

Despite prices dropping steadily in recent weeks, an order of 500 litres is still 62 per cent more expensive than the first week of December 2021 (£258).

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The price of kerosene rocketed in the wake of Russia’s invasion of Ukraine in February 2022, with an order of 500 litres hitting £662 in mid-March.

The drop in heating oil prices follows a steady decline in the wholesale price of Brent crude oil in recent weeks.

Brent crude fell below $83 last week for the first time since the end of September.

But crude oil has started to rise again, reaching $88 a barrel on Thursday.