Heating Oil Prices NI
Heating Oil Infographic - Factors affecting the NI Market
The heating oil market in Northern Ireland is fiercely competitive with over 200 heating oil distributors throughout the province ranging from small 'one-tanker' operators to national suppliers with numerous depots.
We have compiled a Northern Ireland price chart comparison by postcode for 500 litres of domestic heating oil in Belfast - County Antrim, Coleraine - County Londonderry and Dungannon - County Tyrone.
If you are looking for further heating oil price information for Newry, Armagh, Omagh, Derry / Londonderry, Enniskillen, Downpatrick, Lisburn, Portstewart or anywhere else in Northern Ireland, please refer to our regional pages which will contain the relevant information.
Heating oil prices throughout Northern Ireland generally tend to follow the same trends with slight regional variations.
To get a live quote and to place an order, go to the Quick Quote form on RHS of this page.
The graph below provides an illustration of the prices we have observed throughout 2013:
Northern Ireland Heating Oil Prices 2014
What affects heating oil prices in Northern Ireland?
There are a number of factors which can influence the delivered price of heating oil in Northern Ireland, including:
- Time of Year - Heating oil prices in winter months are typically more expensive than the summer given the rise in demand across Europe. The summer months of June and July, especially in Northern Ireland as the market is usually in surplus verses demand, will usually provide the lowest oil prices.
- Weather - As the temperature drops and weather conditions worsen, the demand for oil will increase as customers turn their heating on for longer periods. This increased demand for domestic heating oil can cause price rises. Extreme weather can significantly influence the logistical costs of distribution for oil companies and with the main supply import points being Belfast and Londonderry, more rural areas can have short term supply shortages if road conditions are extreme.
- Global Supply - The global supply of kerosene and the price of crude oil will impact on the price of heating oil. If there is a global production decrease or shortage in supply and the level of demand remains consistent, the price of heating oil in Northern Ireland as in the rest of the UK is likely to increase.
- Local Supply - National supply and demand for the main heating oil product, kerosene, will impact the price. If there is a regional issue hindering supply such as extreme weather conditions hindering shipping, strikes or other logistical problems, prices may rise. The good news for Northern Ireland heating oil users is that, at a local level, the number of oil suppliers concentrated in this small region is high and access to wholesale oil stocks is fairly good.
- Haulage Cost - Price will vary depending on where a distributor is located in relation to oil supplies at the major storage facilities which in Northern Ireland are in Belfast and Londonderry. The cost of heating oil collected ex-rack from the oil supply terminals plus haulage to the distributors depot for storage and then the cost of delivery to your home will impact upon the price paid. Rural areas such as Armagh, Tyrone and Fermanagh can often be slightly more expensive for fuel than urban areas, but not always as competition here between distributors can be more acute. The current high cost of road diesel is certainly impacting on the delivered price of heating oil in Northern Ireland in 2012/13.
- Stock Levels - As the heating oil market prices fluctuate throughout each day, the price of oil which a distributor is charging may change due to the method in which their purchase their stock. Also, the price changes in each day and the amount of heating oil stock the distributor carries has at a particular price either in storage at their depot or at the nearest terminal will impact upon the heating oil price in Northern Ireland. With the current price of heating oil being high, most small to medium sized oil distributors hold minimal stocks as oil stock ties up working capital.
- Exchange Rate - It might seem unrelated for Northern Ireland heating oil customers but as heating oil (in fact all oil product) is traded in US Dollars the exchange rate against the GBP will always have an impact on the local price of heating oil. A stronger GBP usually means a lower price for oil.
Check out our blog and see the factors to consider when purchasing your oil in greater detail. Don't forget, you can sign up to our pre-payment scheme to help you spread the cost of heating your home by budgeting each month.
Hopefully this helps you to understand the various key factors that impact the price you pay for your home heating oil whether you live in Belfast, Ballymena, Cookstown or Newry, County Tyrone, County Armagh or County Down! Irrespective of how the price of heating oil and gas oil moves, ValueOils.com is confident that our price is always at the sharp end of heating oil prices in Northern reland.
*The above graph is for indicative use only and is intended to demonstrate price movement up or down in the regions shown. (Prices displayed include VAT). ValueOills.com Ltd accepts no liability as to the accuracy of the above information, it is intended for illustrative puposes only.For an accurate quote for your address, please use the quick quote form on the RHS of the screen.