Record Increase in Heating Oil Prices
Heating oil prices in Northern Ireland experienced a record increase of 92% in March, according to new analysis. This rise surpasses the previous largest increase of 59% recorded in March 2022, which followed the Russian invasion of Ukraine.
Approximately two thirds of households in Northern Ireland rely on home heating oil. In response to the price surge, lower income households using oil heating are set to receive a £100 grant later this year.
Price Data and Trends
The analysis was conducted by Queens University economist Richard Ramsey, who utilized data from the Consumer Council. The Consumer Council monitors daily fluctuations in heating oil prices.
According to their data, prices peaked on 8 April, with the average cost for 500 litres reaching £627. Since then, prices have declined and stabilized around £530 for 500 litres over the past week.
Context and Comparisons
Ramsey commented on the situation in Great Britain, noting a different perspective on the price changes there:
"Much of the 'narrative' in Great Britain is that this price spike is not as bad as 2022 because gas prices have not risen so dramatically."
He added that a large majority of households in Great Britain use gas heating, contrasting with Northern Ireland's reliance on heating oil.
Fuel Price Movements
In addition to heating oil, the Consumer Council's data indicates that petrol and diesel prices in Northern Ireland have continued to decline over the last week.
The average price of diesel per litre decreased from 183.8p last week to 178.5p this week. Similarly, petrol prices fell from 152.1p to 150.4p per litre.
