Petrol and Diesel Prices Dip Across Northern Ireland
As May begins, drivers across Northern Ireland are experiencing a welcome decline in fuel prices. According to the latest update from the Consumer Council's Fuel Price Index, the cost of both petrol and diesel has slightly decreased compared to the previous week, continuing a broader trend of falling fuel prices across the UK.
This drop comes as fuel costs hit their lowest level since 2021, offering relief to motorists ahead of the spring and summer travel seasons. While the average regional prices have decreased marginally, some areas are significantly cheaper than others — while some remain well above the average.
Current Average Fuel Prices in Northern Ireland
As of the first week of May, the average price of petrol in Northern Ireland stands at 128.7p per litre, a slight drop from last week's 128.8p. Diesel, similarly, has fallen from 133.7p to 133.4p per litre.
Though these reductions may seem small, they represent a positive direction for consumers, particularly as global oil prices continue to fluctuate. However, the average prices don't tell the whole story — local differences across towns and counties are more significant, with some areas paying nearly 5p per litre more or less than others.
Cheapest Places for Petrol in Northern Ireland
Coleraine tops the list this week as the most affordable place to fill up your tank. The average petrol price there is 125.2p per litre, which is 3.5p lower than the Northern Ireland regional average.
Right behind Coleraine is Omagh, where motorists are paying an average of 126.3p per litre, or 2.4p below average.
These areas are proving to be a haven for drivers trying to manage transport costs, especially for those commuting long distances or working in fuel-intensive sectors like delivery or agriculture.
Cheapest Areas for Diesel
Coleraine again leads the way when it comes to diesel, with an average price of 130.2p per litre, which is 3.3p less than the regional average.
Cookstown and Carrickfergus tie for second place in diesel affordability. Both towns are averaging 131.5p per litre, 1.9p below the Northern Ireland average.
These areas offer some of the best value for both petrol and diesel, making them key locations for budget-conscious drivers in Northern Ireland.
Most Expensive Places for Fuel This Week
At the opposite end of the spectrum, Magherafelt is currently the most expensive location for both petrol and diesel.
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Petrol in Magherafelt averages 132.9p per litre, 4.2p above the regional average
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Diesel prices are 137.2p per litre, 3.8p higher than average
Newry follows closely behind as the second most expensive town for petrol, with prices at 131.9p, 3.2p above the regional norm. Diesel in Newry and Downpatrick is also costly, both at 135.9p, or 2.5p higher than average.
Motorists in these towns may want to consider refueling elsewhere when possible or keep an eye out for local promotions and discounts.
National Fuel Prices at a Four-Year Low
Northern Ireland’s falling prices reflect a larger national trend. According to the RAC, the average price of petrol at UK forecourts on May 1st was 134.06p per litre, the lowest since July 2021, when it was recorded at 133.9p.
This is significant, considering that in 2022, during the height of inflation and fuel shortages, average petrol prices had soared to 191.5p and diesel to nearly £2 per litre.
The current price drop is largely attributed to declining global oil prices, with crude oil now trading at below $65 per barrel — a key factor impacting wholesale fuel costs.
RAC Criticises Retailers for Slow Price Adjustments
While the current price reductions are welcome, the RAC believes the cuts should have been deeper. Their analysts suggest that based on wholesale fuel prices, consumers should be paying at least 4p per litre less for both petrol and diesel than current averages.
This would bring petrol down to around 130p per litre and diesel to 136p, according to the RAC’s calculations. Simon Williams, Head of Policy at the RAC, expressed disappointment at the slow pace of reductions by fuel retailers.
“Drivers will be relieved to know that petrol is at its cheapest point in four years. But it’s disappointing that retailers haven’t passed on even greater savings based on what they’re paying for fuel wholesale,” he said.
He added that more transparency and quicker price adjustments would benefit consumers significantly, especially with the cost-of-living crisis still ongoing.
Additional Help: Home Heating Oil and Payment Schemes
The drop in fuel prices is also mirrored by a significant reduction in home heating oil costs, which have returned to 2021 levels. This is good news for households that rely on oil-based central heating, particularly in rural parts of Northern Ireland where natural gas is less common.
To help consumers manage fuel costs, the Northern Ireland Oil Federation offers a pre-payment scheme, allowing residents to plan and pay in advance. In addition, oil stamp savings schemes are available through participating local retailers, helping households spread the cost of their fuel over time.
Conclusion: Fuel Relief for Drivers, but Disparities Remain
Northern Ireland drivers are finally getting some relief at the pump, with prices for petrol and diesel at their lowest levels in years. However, the regional variation in fuel prices remains stark, with differences of up to 8p per litre between the cheapest and most expensive towns.
While towns like Coleraine, Omagh, and Cookstown offer great value for drivers, those in Magherafelt and Newry continue to face high costs. Consumer advocacy groups like the RAC are urging retailers to cut prices more aggressively and pass on wholesale savings to drivers.
For now, motorists are advised to check weekly fuel indexes, use comparison apps, and fill up in cheaper areas when possible to make the most of this positive price trend.
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