Heating oil prices reached record high in NI

An important development from the financial markets: Heating oil prices reached record high in NI 5 hours ago Share Save Add as preferred on Google John Campbell Economics and business editor, News NI Getty Images Heating oil prices in Northern Ireland rose by a record 92% in March, new analysis suggests. That compares to the previous largest spike of 59% in March 2022, after the Russian invasion of Ukraine. Around two thirds of Northern Ireland households use home heating oil.

Lower income households which use oil are due to get a £100 grant later this year . The analysis by Queens University economist Richard Ramsey used data from the Consumer Council, which is tracking the daily movement in the price of heating oil. Its data suggests prices peaked on 8 April when 500 litres cost an average of £627.

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Prices have since drifted down and over the last week have settled at around £530 for 500 litres. Ramsey said that 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 GB use gas heating.

Meanwhile the Consumer Council's data on petrol and diesel suggest that prices continued to fall in Northern Ireland over the last week. The average price of a litre of diesel this week was 178. For petrol the price fell from 152.

Why will £100 heating oil payments not be paid until the summer?

Financial markets are tracking the development closely as investors assess the likely impact.