The Northern Ireland Consumer Council estimates that filling a 500-liter tank will cost, on average, £286.83.

In Northern Ireland, oil is used by almost two thirds of houses for home heating. Is now the right time to refuel your home heating oil tank as the temperature drops and winter approaches?

According to Raymond Gormley of the Consumer Council, when more people use their heating systems in the winter, oil costs often climb.

In 2023, 500 litres of oil cost around £100 higher over the same time.

However, there are worries that price increases might resume due to Middle East upheaval and China's new stimulus plan to expand its economy.

Due to worries about Hurricane Helene, some oil rigs around the US Gulf of Mexico closed earlier this week, which may cause supply issues.

The bloodiest surge in cross-border violence in decades has resulted in hundreds of deaths as a result of Israeli airstrikes against Hezbollah in Lebanon.

According to Mr. Gormley, prices may rise if the Middle East's turmoil intensifies.

Because the Middle East is another significant oil-producing region, all of those factors might contribute to an increase in oil prices.

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