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According to the Consumer Council NI’s (CCNI) weekly price checker, the price of home heating oil and fuel in Northern Ireland is currently at its lowest level since 2021. The average price for 500 liters of home heating oil is £258.78, petrol costs 128.7p per liter, and diesel is priced at 133.4p per liter. This significant drop in prices is a stark comparison to March 2022, when 500 liters of home heating oil peaked at £662.86, petrol reached 189.9p per liter, and diesel cost an average of 197.5p per liter in July 2022.
Raymond Gormley, the Head of Energy at CCNI, recommends taking advantage of the current low prices and purchasing oil now, despite the warm weather and approaching summer months. Gormley emphasizes that the market for home heating oil is volatile, making it a good time to make a purchase. He acknowledged that almost two-thirds of homes in Northern Ireland rely on oil for heating, making it a crucial expense for many households in the region.
While some consumers appreciate the current prices, others express concerns over the affordability of fuel. Tina Beggs, a part-time worker from Lurgan, County Armagh, highlighted that filling up her two-liter diesel car costs nearly £100, which significantly impacts her monthly budget. Similarly, Michael Breen pointed out the noticeable price differences at various filling stations, indicating the importance of shopping around for the best fuel deals.
In response to the escalating cost of fuel, some individuals have opted for alternative solutions. Tanya Preshur switched from a diesel to a petrol car, significantly reducing her weekly fuel expenses by around £40. The shift in consumer behavior reflects the challenges faced by many as they navigate the fluctuating fuel prices in the market. Ultimately, while the current prices may offer some relief to consumers, the volatile nature of the market underscores the importance of strategic purchasing decisions and exploring cost-saving options like bulk buying and joining oil buying clubs
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