Heating oil prices drop

22 September 2008

Home heating oil prices in Northern Ireland have dropped sharply in the last month, according to a local paper.

The cost of heating oil has fallen by 12 per cent between August and September, the Belfast Telegraph reports.

It surveyed several online providers and found BoilerJuice to be among the cheapest.

The drop in prices means it could be a good time to invest in heating oil, as the oncoming winter is likely to see a rise in all fuel bills.

David Blevings, of the Northern Ireland Oil Federation, told the Belfast Telegraph that prices were dropping due to a moderation in demand in the US.

"There will probably be more fluctuations going forwards, but customers can benefit from this reduction prior to winter," he added.

Crude oil prices have already begun to recover after dropping below $100 (£54.26) a barrel last week, closing at $104.55 in New York on Friday.

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