Cost of home heating oil coming down
May 22nd, 2008 by homeheatingoilWhile gas prices are on the rise the cost of home heating oil is falling.
Oil prices soared last year in the aftermath of Hurricane Katrina and again during the summer amid concerns Iran could disrupt supplies if UN sanctions were imposed over its nuclear programme.
However, the price of crude oil has now dipped below $60 a barrel for the first time in six months, with the cost of home heating oil falling accordingly.
It has been predicted that the heating bill for householders could remain unseasonably low this winter.
A quick survey of four home heating oil suppliers in the Belfast area yesterday came up with an average cost for 900 litres of £288.
A year ago the price was more like £388 and it has fallen by around £50 in the last month.
Cawoods was charging £297 for 900 litres yesterday.
Last month the bill was around £340 for the same amount.
Molloy’s on the Falls Road in west Belfast was charging £285 for 900 litres, down £20 in just a day and falling from £335 last month.
Economy Fuels said customers buying 900 litres of heating oil from them would also pay £285.
Black Diamond Fuels in north Belfast was offering 900 litres at £284 yesterday, down £46 in the last month.
Heating Oil
They said they also expected the price to come down further in the next couple of weeks.