Home heating oil price jumps £175 in two weeks as Middle East tensions bite

The cost of home heating oil in Northern Ireland has surged by £175 for a 900-litre load in just two weeks, as renewed US attacks on Iran drive up energy prices. According to the Consumer Council, the average price now stands at £790, up from £615 two weeks ago – a 29% increase.

The sharp rise ends a period of 12 consecutive weeks of falling prices, which had brought the cost down from a peak of £1,089 on April 9. Before the US and Israeli attack on Iran began in late February, a 900-litre load cost just £537, meaning prices are now 43% higher than before the conflict.

Raymond Gormley, head of energy policy at the Consumer Council, said: ‘Unfortunately, in July we have seen oil prices creeping upwards again. Prices had reached a four-month low up until the end of June, but since July we have seen prices rise a little bit each day. However, prices have jumped sharply over the past week as the energy markets reacted to the renewed US attacks on Iran.’

The impact is also being felt at the pumps, with petrol and diesel prices rising slightly this week. Diesel now costs 154.8p per litre, up from 154.6p the week before, while petrol is at 144.9p per litre, up from 144.7p. Michelle Kelly, head of transport policy at the Consumer Council, said consumers are paying around £8 more to fill a 40-litre tank of unleaded petrol and £9 more for diesel compared to February prices.

With the US expanding its air strike campaign against Iran and tensions over the Strait of Hormuz continuing, Mr Gormley warned that further price increases are possible. ‘It is difficult to predict what will happen in the coming weeks,’ he said, ‘however, any notable change in petrol and diesel prices will only occur following a sustained decrease in the wholesale price.’

Article and image source: newsletter.co.uk