Heating oil and diesel prices at lowest in 15 months

THE average price of diesel and home heating oil in the North has dropped to their lowest levels in 15 months and a local supplier believes it won’t be changing any time soon.
In what are the lowest levels since the Russian invasion of Ukraine saw oil and fuel prices skyrocket across Europe, the Consumer Council Northern Ireland’s average weekly figures revealed 300L of home heating oil costs £197.90, the price of 500L is £307.32 and 900L will cost £542.80.
Meanwhile, the average cost of a litre of diesel here comes in at 148.5p, while petrol costs an average of 143.6p per litre, Consumer Council figures showed.
The last time the average price of home heating oil and a litre of diesel were as low as current levels, was on February 3, 2022, and Garry Jennings of Jennings Fuels in Kesh said that the market had stabilised.
“Prices have fallen dramatically. It’s all about supply and demand. The world market has slowed a little, while locally the days have got a lot longer and warmer,” Mr Jennings said.
“It’s definitely good news for the domestic customer. There’s more daylight so people are out and about more, and not hanging around the house. It means less energy is being used overall.
“But oil prices will rise again in June/July during the summer holidays as the air industry is a big user. So there will be a surge in the prices then, but apart from this it will steady again.”
It’s a good time in general for those who are using oil, Mr Jennings said.
“I know people who are tied to using gas and they are complaining about the gas prices, as they are not coming back,” he explained.
“Gas prices have risen and they haven’t come down in the same way as oil prices have.”

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