Home heating oil prices drop to a four year low

Paulino Garcia, Head of Energy Policy at The Consumer Council, said: “Today’s average price for a 500 litre fill reflects the sharp fall in Brent Crude Oil prices that we have seen in recent weeks, as demand for crude oil has collapsed as a result of the COVID-19 pandemic.

“The average cost of a 500 litre refill has dropped by 47% since January 2020, is at its lowest since 2016 and is 23% cheaper than in 2009 when we began our survey. With many households experiencing a drop in income due to the impacts of COVID-19, a reduction in heating oil costs will be welcome news for the 68% of consumers in Northern Ireland that rely on home heating oil to heat their home.”

Paulino continued: “It is also important that consumers remain safe when they are getting their home heating oil delivered. The Consumer Council has a COVID-19 webpage with useful information for home heating oil consumers about safe deliveries, the benefits of the Customer Charter that The Consumer Council has in place with the Northern Ireland Oil Federation and weekly prices to help you shop around for your oil.”

The Consumer Council’s COVID-19 energy advice webpage is available here.

Sources:

• Brent Crude Oil prices source: https://www.bbc.co.uk/news/topics/cmjpj223708t/oil
• Average price of a 500 litre refill from The Consumer Council’s Home Heating Oil survey: 23 April 2020: £137, 2 January 2020: £259, 28 January 2016: £125 and 9 March 2009: £163.
• Weekly home heating oil prices: https://www.consumercouncil.org.uk/policy-research/home-heating-oil