Petrol prices fall to lowest level in Northern Ireland since October 2021

First Consumer Council survey of 2024 shows price of diesel and home heating oil also falling in New Year

Petrol nozzle
The average price of petrol in Northern Ireland has fallen to the lowest level in 25 months, the latest survey from the Consumer Council suggests. (Nick Ansell/PA)

Petrol prices in Northern Ireland have fallen to the lowest level in two years, the latest research from the Consumer Council suggests.

The weekly survey of prices at forecourts around the north showed petrol averaging £1.35 per litre at the start of 2024.

It’s the lowest price average recorded by the Consumer Council since the start of October 2021.

The first road fuel survey conducted the consumer body in 2024 showed both diesel and petrol prices continuing to fall into the New Year.

Diesel averaged £1.433 in Thursday’s survey, the lowest since August 2023.

Fuel prices surged worldwide in the aftermath of Russia’s February 2022 invasion of Ukraine.

The petrol average hit around £1.90 in the north during June 2022, while diesel broke the £2 per litre barrier in some places.

The fall in prices has largely matched the wholesale price of Brent crude oil, which has dropped from around $94 per barrel in September to around $73 in mid-December.

Chart showing how petrol and diesel prices have changed over the past 3.5 years. (Consumer Council)

Crude oil prices rose in mid-2023 after major oil producers including Saudi Arabia and Russia voluntarily cut production.

However, the United States increased its production to record levels in the latter half of 2023.

The price of crude oil has crept up since mid-December, to around $79 on Thursday morning, amid fears that prices could continue to climb due to attacks on commercial ships in the Red Sea by Houthi rebels in Yemen.

Despite the price of home heating oil rising throughout December, the Consumer Council’s first survey of 2024 showed the average price of kerosene fell in Northern Ireland at the start of the year.

The consumer body’s weekly survey showed 500 litres of home heating oil rose from £350.79 at the end of November to £371.13 at the end of December.

The latest market snapshot shows 500L averaging £354.45 this week.

The average order of 900L dropped from £657.16 to £630.79, while 300L has dropped from £237.11 to £225.73.