Cost of residing: Home heating oil and gas costs drop to 4 yr low

The value of house heating oil and gas in Northern Ireland is at its lowest degree since 2021, and the recommendation is to shop for now – if you’re in a position.

The reasonable value of 500 litres of house heating oil is £258.78; a litre of petrol prices 128.7p, and diesel is 133.4p according to litre, in step with Consumer Council NI’s (CCNI) weekly value checker.

In March 2022, 500 litres of house heating oil peaked at £662.86, petrol reached 189.9p according to litre in July 2022, and diesel price a mean of 197.5p according to litre in June the similar yr.

Despite the new heat climate and the incoming summer time months, CCNI’s Head of Energy Raymond Gormley recommended “now is a good time” to shop for oil in what’s a “volatile market”.

Almost two-thirds of houses [62.5%] in Northern Ireland use oil for heating, the very best percentage of the United Kingdom international locations.

At a hectic petrol station in Lurgan, County Armagh, a few of the ones filling their automobiles up with petrol or diesel stated whilst the costs could also be low, they’re nonetheless too dear for plenty of.

Tina Beggs stated it’s “ridiculous” that it prices nearly £100 to refill her two-litre diesel automobile.

“I work part-time, so I do 20 hours a week, which gives me about £1,000 a month, and by the time I pay for my mortgage, you’re talking an extra £100 or £150 just on fuel,” she defined.

“For somebody that works part-time, like me, that is actually quite a good chunk of my wage,” she added.

Michael Breen believes the cost of gas “could be lower again” and has spotted a large disparity in costs at filling stations.

“You go to some petrol stations and there’s a 10p difference in diesel, so there’s a bit of shopping around as well,” he stated.

“It fluctuates all the time, and it’ll probably go up again. Through the winter the fuel goes through the roof, and in the summer it drops again. That’s the nature of it, really.”

Tanya Preshur has just lately switched from diesel to a petroleum automobile, and he or she stated whilst costs “could be lower”, she’s spending round £40 much less per week on gas.

“I use the car for school runs and running here and there with children,” she stated.

“Prices went sky-high. I think it’s the smaller runs. You’re using a lot more [fuel] because you’re running back and forth all the time.

“I put about £40 to £50 per week within the automobile now, as sooner than it used to be possibly £80 per week.”

CCNI’s Raymond Gormley said the current low prices for fuel and home heating oil were due to several factors, including US President Donald Trump’s trade tariffs and crude oil producers producing more oil.

The Organisation of the Petroleum Exporting Countries (OPEC), which is an alliance of the top crude oil producers in the world, announced last month they were going to ramp up oil production by 400,000 barrels per day.

“So you are taking the affect at the international economies that Trump had and that overproduction; it has intended call for is low, provide is prime and costs have come down,” stated Mr Gormley.

Mr Gormley has advised consumers to buy home heating oil if they are able to do so, as it is “just right worth for cash”.

“That’s to not say it’s going to move down once more subsequent week, however similarly, it would move up once more subsequent week,” he said. “It’s a truly risky marketplace.

“In the summertime you have 100 different things you want to be spending your money on, and the last thing you want to do is be thinking ahead and going, ‘I have a few spare pounds; oil is cheap; I could buy now for the off-season’.

“It’s typically inexpensive in the summer than it’s within the wintertime as a result of provide and insist – chillier climate, call for is upper and the cost is going up.”