Northern Ireland heating oil prices surge 29% in three weeks as US-Iran disruption deepens

CCNI says prices likely to stay high until peace negotiations resume

The average cost of 500 litres of home heating oil in Northern Ireland has climbed 29% in three weeks to £445.37, according to Consumer Council for Northern Ireland data, after a period of respite that brought prices to a four-month low at the end of June. The CCNI’s head of energy policy, Raymond Gormley, said the price rise comes in response to the escalation of fighting between the US and Iran that has disrupted key oil-producing and shipping routes.

“Prices had reached a four-month low up until the end of June, but since July we have seen prices rise again in response to the escalation of fighting between the US and Iran that has disrupted key oil-producing and shipping routes,” Gormley said. “With oil supply under pressure and increasing uncertainty, the cost of heating oil is likely to continue to remain high until peace negotiations resume.”

About two-thirds of Northern Ireland households use home heating oil, by far the highest proportion of any UK region. Since 26 February, prices across all order sizes have risen by about 42.86% (£152.82), CCNI data show.

Prices peaked at an average of £612.37 for 500 litres in April before dropping to £346.59 in early July. The most recent figures show a 300-litre delivery now costs an average of £276.23, up from £216.44 on 2 July, and 900 litres costs £789.07, an increase of £173.84 over the same period. The global benchmark Brent crude rose more than 6% on Thursday, the BBC reported, after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key Saudi export route that bypasses the Strait of Hormuz.

Speaking to BBC News NI in Belfast, residents voiced concern about the rising costs. Agnes Jackson said she had switched from oil to gas in recent years because it was cheaper but “now it’s on par.” She added, “I really do fear for wee families.” Rosie and Patrick McGivern, who are retired, described the increase as “terrible.” Patrick said the colder winter months would be the “main problem.” Emma Rose Creaner, whose rent includes heating oil, called the increase “completely ridiculous” and said it would be “really hard” for families in winter. Hugh O’Donnell, also retired, said his household is “totally dependent” on oil but that his pensions meant the impact was manageable.