Prices have been impacted by tensions in the Middle East
Stock image of a home radiator thermostat(Image: Getty Images)
The cost of home heating oil in Northern Ireland has spiked for the second week in a row as a result of tensions in the Middle East.
However, the rate of increase in the cost of fuel, used for heating homes in the majority of houses here, has slowed down slightly. It comes as a ceasefire between Israel and Iran has been holding.
Across Northern Ireland, the price of home heating oil varies depending on location, with some spots recording prices almost £5 below the weekly regional average.
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The Consumer Council’s Home Heating Oil Price Checker, which is updated weekly, shows the average price of 300 litres of home heating oil is currently £201.07, a £13 rise compared to the previous week.
The average price of 500 litres is up by around £22 to £315.15, while for 900 litres the average price has increased by £41 to reach £551.75.
Overall, the increase is lower than the week before, when the price for 500 litres was up by almost £30 and the price for 900 litres was up by almost £70.
This week, the cheapest council area to buy any quantity of home heating oil is Derry City & Strabane. In this area, 300 litres will set you back an average of £197.61, £3.46 below the Northern Ireland average. In this area, 500 litres is £3.43 below average at £311.72, while 900 litres is £4.57 below average at £547.18.
For 300 litres of oil, the most expensive spot this week is Lisburn & Castlereagh, where it is £1.20 above the average at £202.27. The Mid & East Antrim area has the highest price for 500 litres, at £1.82 above average reaching £316.97, and 900 litres which is an average of £554.57, £2.82 above this week’s regional average.
On Thursday, Prime Minister Keir Starmer reflected on the impact of the Iran-Israel conflict on UK energy prices at the annual British Chambers of Commerce conference.
He said: “The impact of international affairs on us domestically has never been so direct as it is at the moment. So you saw an oil price rise, to take the other obvious example.
“In the three-plus years of the Ukraine conflict, energy prices have gone up considerably as a result of that conflict.
“So we have to recognise that’s why diplomacy matters on the global stage to try and de-escalate and resolve situations, which is what I’ve spent a lot of time doing. It’s also why we need to insulate ourselves here as best we can.”
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