The average price for 500 litres of home heating oil has risen by 80% in the past week in Northern Ireland. The Consumer Council’s Home Heating Oil Price Checker, which is updated every Thursday, shows a substantial price rise across all quantities of oil compared to last week’s figures.
On February 26, the average price of 500 litres of home heating oil was £307.38, while today it has risen to £555.59 – an increase of 80%. Last week, 900 litres came to £536.72, while today it has risen 75% to £948.41.
Today, 300 litres of oil will set you back an average of £347.19, while last week it was £202.12, representing a price rise of 71% in seven days.
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It comes as Israel and the US launched attacks on the Iranian capital and other parts of the country last weekend, with Iran retaliating against US personnel across the Middle East.
The latest oil prices fluctuate depending on location in Northern Ireland, too. In the Newry City, Mourne & Down area, 300 litres of oil is currently £10.81 above the regional average at £358, while in Derry City & Strabane, prices are £13.20 below average at £333.99.
Fermanagh & Omagh is currently the most expensive place to purchase 500 litres of oil, with prices £13.66 above average at £569.25. In Derry City & Strabane, prices for 500 litres are £18.29 below average at £537.30.
When it comes to 900 litres, Fermanagh & Omagh is again the most expensive area, with prices £23.64 above average at £972.05. Armagh City, Banbridge & Craigavon is currently the cheapest area for 900 litres, with prices £12.41 below average at £936.
Cheapest Oil, an independent price comparison service for home heating oil across the UK, explained what they are currently seeing across Northern Ireland. They said: “We’ve seen many suppliers no longer providing quotes for heating oil, removing prices from their websites or listing “go away” prices perhaps until they can be sure at what price they can buy at.”
The Consumer Council said crude oil prices are “rising and remain unpredictable in the short term” due to the ongoing conflict.
Raymond Gormley, Head of Energy Policy at the Consumer Council said: “As we import all our home heating oil, Northern Ireland is at the mercy of volatile global oil markets and the price that consumers pay is impacted by a complex range of factors, including geopolitical tensions which can result in price fluctuations.”
Consumer Council advice
If you need a fill of oil, the Consumer Council has issued the following advice:
Shop around for the best price
Check the Consumer Council weekly home heating oil price checker to see what typical oil prices are for 30, 500 and 900 litres of oil. Then contact a few oil suppliers to compare prices to find the most competitive deal – Don’t settle for the first quote you receive.
Join a heating oil buying group
Community buying groups pool orders from multiple households to negotiate better rates from suppliers. The NI Housing Executive have an oil savings network which is free to join and open to all households who either own or rent their home – check out their website for further details – www.nihe.gov.uk/housing-help/ni-energy-advice/oil-savings-network
Pay towards your oil fill
The Northern Ireland Oil Federation in partnership with PayPoint has a pre-payment scheme. Rather than customers having to make lump sum payments at the time of delivery, they can make regular payments throughout the year at a local PayPoint store.
Each distributor member participating in the PayPoint scheme (over 60 of them throughout NI) will issue their customer with a swipe card that features the PayPoint logo. The customer can then prepay for the cost of their oil by visiting stores displaying the PayPoint logo to make regular payments (Minimum payment accepted is £10) towards their oil supply. Before you order oil from your distributor, contact them to see how much credit is in your account.
Oil Fuel stamp scheme (Oil Buying stamps)
Some local councils run these schemes. You can buy oil stamps (usually £5 each) from them or participating retailers or some Credit Unions, collect them on a savings card and use the value of the stamps to pay for all or part of your oil when placing an order.
Order in bulk
If you have sufficient room in your oil tank, consider buying heating oil in bulk, if you can afford to do so. The smaller the oil order the more you pay per litre – For instance 300 litres currently is around 67p a litre whereas 900 litres is around 60p per litre – 7p a litre difference. Suppliers might offer further discounts for even larger orders, helping you save money in the long run.
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