Average price of home heating oil drops to lowest price since August
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).
The average price of 500L home heating oil in Northern Ireland this week is £418.85, down £12.95 from last week
— The Consumer Council (Northern Ireland) (@ConsumerCouncil) December 1, 2022
View this week's prices for 300, 500 and 900 litres in your area here: https://t.co/eJMIGEabWL pic.twitter.com/AHZ5fW04bA
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.
