Northern Ireland Heating Oil Prices Jump 92% in March, Exceeding 2022 Surge

Heating oil prices across Northern Ireland recorded an unprecedented 92% increase in March, according to new analysis. This figure eclipses the previous largest spike of 59% observed in March 2022, following Russia's intervention in Ukraine.

Around two-thirds of Northern Ireland's households rely on home heating oil. Lower-income households utilising oil are set to receive a GBP#100 grant later this year to mitigate these costs.

The analysis, conducted by Queen's University economist Richard Ramsey, draws on data from the Consumer Council, which monitors daily fluctuations in heating oil prices. This data indicates that prices reached their zenith on 8 April, with 500 litres averaging GBP#627. Subsequently, prices have declined, stabilising at approximately GBP#530 for 500 litres over the past week.

Ramsey highlighted that prevailing narratives in Great Britain often downplay the current price surge by noting that gas prices have not experienced a similar dramatic increase. However, a substantial majority of Great British households utilise gas heating, unlike Northern Ireland.

Conversely, Consumer Council data for Northern Ireland indicates a continued decline in petrol and diesel prices over the last week. The average price for a litre of diesel was 178.5p, down from 183.8p the previous week. Petrol prices also saw a decrease, falling from 152.1p to 150.4p per litre.