The price of home heating oil in Northern Ireland has fallen to the lowest level in seven weeks, new figures from the Consumer Council suggests.
The daily price tracker from the consumer body put the average price of 500 litres of kerosene at £542.26 on Tuesday morning, the lowest level since March 3.
That’s around £40 down since last Tuesday (April 14) and £80 (13.5%) down from the peak of £627.36 on April 8.
The Consumer Council’s research suggests the average price of home heating oil has fallen for nine successive surveys.
Introduced at the end of February in response to the launch of strikes on Iran by the United States and Israel, the survey, which is released on each working day of the week, has tracked the volatility and massive hike in oil prices following the closure of the Strait of Hormuz.
The average price of home heating oil, which is used by two-in-three households in the north, is still around 75% above pre-crisis levels.
An average of 20 million barrels of oil passed through the crucial narrow body of water next to Iran during 2025.
Its closure quickly sent the price of Brent crude oil well above $100 per barrel.
The price been trending at around $95 this week amid expectations in the market of a negotiated resolution between the US and Iran.
The lower wholesale price of oil has filtered through into the retail price of both road fuel and home heating oil in the past week.
The steady decline in prices since April 8 saw the average cost of 900 litres fall back below £1,000 on Monday for the first time since March 5.
According to the Consumer Council, 900 litres of kerosene averaged £951.52 on Tuesday, while 300 litres averaged £336.92.
In both cases, it was the lowest prices detected by the survey since March 3.
It comes as official statics published by the UK’s Department for Energy Security & Net Zero revealed the first weekly decline in petrol and diesel prices in 10 weeks.