What's driving Northern Ireland's falling fuel prices?

It may be one of the few bills people face that are not going up - but the cost of filling your car in Northern Ireland is continuing to fall.

Petrol has gone down to 124.2p per litre and diesel has remained unchanged at 131.9p per litre, according to the Consumer Council NI (CCNI).

It's the lowest petrol prices have been in the last five years, although that's a record being regularly broken as fuel costs have consistently dropped since the highest recorded average prices came in June 2022.

That's when prices at the pumps hit 189.9p per litre for unleaded and 197.5p per litre for diesel, following Russia's invasion of Ukraine.

But why are Northern Ireland's fuel prices coming down? And how far could they go?

Karen Smyth, director of infrastructure and sustainability at CCNI, said the price of petrol and diesel is "made up of several factors", including what fuel was purchased by retailers and the volume purchased.

She added that Northern Ireland's small market in a global system, as well as ongoing geopolitical tensions, also contributed to the lower costs.

"Locally, the prices are very much linked to geopolitical instability, they're linked to supply and demand at global level... and money markets, currency exchange rates, which again there's no ability for people in Northern Ireland to control," explained Smyth.

"So although it's hard to predict - what we can see internationally is that there's an oversupply of oil at the moment, which is keeping prices low."

At a busy petrol station in Belfast city centre, some of those filling their cars up with petrol or diesel shared their thoughts on the recent drop in fuel prices.

Jane said that week to week she was "definitely spending a lot less" on diesel to keep her car running.

"It's very good to see that prices have dropped because it's felt like its been high for a very long time now," she said.

"I think you always have to keep track of prices because the price of fuel is so much higher than what it used to be."

Jane added, however, that she is using fuel price checker apps a lot less as prices are continually falling.

Taxi driver Mohamed felt that fuel prices were "still at a seriously high level".

He said he is spending £100 a week on fuel despite using a hybrid vehicle, which also uses an electric motor battery.

"If I was driving something else, it would cost me a lot more," explained Mohamed.

"The increase in the price of fuel over the last few years has played a part in me choosing to drive a hybrid car."

Dropping into the garage to top up his fuel, Michael said "day to day" he hadn't noticed a drop in the prices.

"I normally try not to pay much attention to it," he said.

"I'd fill up my car quite a lot. I do a lot of miles, so if i looked back at it you probably would notice a bit of saving over the last while.

"Around 2022, when it was at it's highest, I would've paid attention to the money a bit more.

"It was around £2 (per litre) back then in different places so it probably has made a big enough difference thinking about it now."

CCNI's Smyth said the "evening out of Russia and Ukraine's relationship", plus stability in the Middle East were helping to keep prices lower.

However, the future is impossible to predict "because the next problem could be around the corner".

"It would be foolish for me to say [fuel prices are] definitely going to keep on that lower trajectory, but certainly for the moment that seems to be the way the way it is."

Drivers in Northern Ireland and the rest of the UK can now compare fuel prices at different petrol stations to help them shop around for the best price near them.

Fuel price checker tools allow drivers to see where the lowest prices are, where the highest prices are and what the average is at different fuelling stations around near them.