Home heating oil: Prices in NI at lowest level in 15 months

During the same period in 2023, 500 litres of oil was about £100 more expensive.

But there are fears unrest in the Middle East and China’s new stimulus plan to boost its economy could see prices begin to rise again.

Earlier this week, a number of oil rigs along the US Gulf of Mexico shut down due to concerns around Hurricane Helene, which could raise questions about supply.

Israeli air strikes against Hezbollah in Lebanon have killed hundreds of people in the deadliest escalation of cross-border attacks in decades.

Mr Gormley said an escalation of conflict in the Middle East could have a knock-on effect on prices.

“The Middle East is another major oil region, so all those things come into play, and you could see oil prices certainly increase.

“It’s really hard to predict, but all those elements would come into play.”