Oil market volatility is once again feeding through to household energy costs in Northern Ireland, where the average price of 500 litres of home heating oil has climbed by £98.78 in just three weeks. According to Consumer Council for Northern Ireland figures, the cost rose from £346.59 to £445.37, a jump of 29% after a brief period of relief.
The council’s head of energy policy, Raymond Gormley, linked the increase to the recent escalation in fighting between the US and Iran. He said prices had fallen to a four-month low by the end of June but began rising again in July as tensions disrupted key oil-producing and shipping routes. Brent crude, the international benchmark, also moved higher after the US stepped up military strikes against Iran, while attacks on tankers in the Red Sea added further pressure to global supply lines.
Families brace for winter costs
Northern Ireland remains especially exposed to these swings because around two thirds of households rely on home heating oil, the highest share in the UK. The latest figures show 300 litres now costs an average of £276.23, while a 900-litre delivery stands at £789.07. Prices had previously peaked at £612.37 for 500 litres in April before falling back earlier this month.
People speaking to BBC News NI described growing anxiety about what the next few months may bring. Agnes Jackson said she fears for families facing the cost of living squeeze, while Rosie and Patrick McGivern said the situation is likely to worsen when colder weather returns. Emma Rose Creaner called the increase “completely ridiculous,” and Hugh O’Donnell said many households are highly dependent on heating oil even if the impact is less severe for pensioners with stronger incomes. Gormley said prices are likely to stay elevated until peace negotiations between the US and Iran resume.
Source: bbc.co.uk
