Heating oil prices reached record high in NI
Heating oil prices in Northern Ireland rose by a record 92% in March, according to analysis by a Queen's University economist, marking a significant increase compared to previous years. Around two-thirds of households in Northern Ireland rely on heating oil, with lower-income households set to receive a £100 grant later this year. Prices have since decreased from a peak of £627 for 500 litres in early April to around £530 over the past week.
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Heating oil prices reached record high in NIJust nowShareSaveAdd as preferred on GoogleJohn CampbellEconomics and business editor, BBC News NIGetty ImagesHeating 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.Prices have since drifted down and over the last week…
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