Heating oil prices surge 92% in Northern Ireland in March

Heating oil prices in Northern Ireland rose by a record 92% in March, according to analysis by Queen's University economist Richard Ramsey, surpassing the previous peak of 59% in March 2022 following Russia's invasion of Ukraine.

Around two thirds of Northern Ireland households use home heating oil, making the price surge particularly acute for the region. Ramsey's analysis drew on data from the Consumer Council, which tracks daily movements in heating oil prices. The data show prices peaked on 8 April, when 500 litres cost an average of £627. Prices have since drifted down, settling at around £530 for 500 litres over the last week.

Ramsey said much of the "narrative" in Great Britain is that this price spike is not as bad as 2022 because gas prices have not risen so dramatically. A large majority of households in Great Britain use gas heating, a different market dynamic from Northern Ireland's reliance on heating oil.

Separately, the Consumer Council's data on petrol and diesel show prices continued to fall in Northern Ireland over the last week. The average price of a litre of diesel this week was 178.5p, compared to 183.8p last week. The average price of a litre of petrol fell from 152.1p to 150.4p.