Heating oil prices in Northern Ireland soared by a record 92% in March, according to new analysis, exceeding the previous peak of 59% seen in March 2022 following Russia's invasion of Ukraine.
Around two-thirds of Northern Irish households rely on home heating oil, making the price surge particularly impactful. Lower-income households that use oil are set to receive a £100 grant later this year.
The analysis, conducted by Queen's University economist Richard Ramsey using Consumer Council data, shows that prices peaked on April 8 when 500 liters cost an average of £627. Prices have since eased, settling at around £530 for 500 liters over the past week.
Ramsey noted that in Great Britain, the narrative has been that this price spike is not as severe as 2022 because gas prices haven't risen as sharply. However, the majority of GB households use gas heating, while Northern Ireland remains heavily dependent on oil.
Meanwhile, Consumer Council data indicates that petrol and diesel prices continued to fall in Northern Ireland last week. The average price of a liter of diesel dropped from 183.8p to 178.5p, while petrol fell from 152.1p to 150.4p.