Key Facts

• The price of home heating oil and fuel in Northern Ireland is at its lowest point since 2021.
• The average price for 500 liters of home heating oil is approximately £258.78.
• The cost at the moment for a liter of petrol is 128.7p, and diesel is 133.4p per liter, as per data from the Consumer Council NI's (CCNI) weekly price checker.
• In March 2022, the cost of 500 liters of home heating oil rose significantly to £662.86.
• Over half of homes in Northern Ireland, roughly 62.5%, use oil for heating, and this is the highest ratio among UK regions.
• Experts are suggesting that now is a good time to buy oil due to the potential volatility of the market.
• Owing to trade tariffs implemented by former US President Donald Trump and increased production by crude oil producers, the price for fuel and home heating oil has dropped.
• The Organisation of the Petroleum Exporting Countries (OPEC) plans to increase oil production by 400,000 barrels per day.