Home heating oil drops to lowest price in 14 months

Oil prices are about £100 cheaper than this time last year, according to the Consumer Council

The cost of home heating oil has dropped to the lowest levels since July 2023.

On average, it will cost about £286.83 to fill a 500 litre tank, according to figures from the Northern Ireland Consumer Council.

About two-thirds of households in Northern Ireland heat their homes using oil.

As temperatures continue to drop and the winter months begin creeping in, is now a good time to fill up your home heating oil tank?

Raymond Gormley from the Consumer Council said oil prices tend to rise during the colder months as people use their heating more.

Is now a good time to fill my oil tank?

"Supply and demand is a main factor in driving prices up and down," the body's head of energy policy said.

"My advice is if you need oil, I would get it.

"I'm not telling people to run out and buy oil, but I'm just saying if you need oil, I would get oil rather than wait and see what the situation is."

Will heating oil increase in price?

During the same period in 2023, 500 litres of oil was about £100 more expensive.

But there are fears unrest in the Middle East and China's new stimulus plan to boost its economy could see prices begin to rise again.

Earlier this week, a number of oil rigs along the US Gulf of Mexico shut down due to concerns around Hurricane Helene, which could raise questions about supply.

Israeli air strikes against Hezbollah in Lebanon have killed hundreds of people in the deadliest escalation of cross-border attacks in decades.

Mr Gormley said an escalation of conflict in the Middle East could have a knock-on effect on prices.

"The Middle East is another major oil region, so all those things come into play, and you could see oil prices certainly increase.

"It’s really hard to predict, but all those elements would come into play."