As we move closer towards the end of a warm summer, we’ve put together a snapshot of what’s happening in the industry to bring you a heating oil price update.
Are UK Heating Oil Prices Rising?
Whilst it’s always difficult to predict the future of heating oil prices, data from the Office for National Statistics shows that there is a trend in the rise of heating oil prices in recent months. Last year during the pandemic the UK saw a huge drop in prices, which is almost unheard of in recent years. However, they have continued to climb again, being at the highest average price per litre since February 2020. Take a look at the graph below which shows that despite the recent warm weather, the price of oil is still rising.
What Will Happen Next?
As a result of the global Covid pandemic and a slump in demand, oil production was cut in 2020. However, demand is soaring again and the price of oil this year has begun to increase. It is reported that OPEC will therefore increase supply of Crude Oil in order to control prices again. It is expected that oil supply will be increased from August to December this year, to help stabilise the market again. This is good news, although it means that it could take a little while for us to see a drop in prices again. In addition to OPEC, there are multiple factors which impact the price of heating oil. To find out more please visit our page on heating oil prices.
Whilst it’s been a warm summer, and you might not be quite ready to get the heating turned back on, why not get a heating oil quote today and get your tank topped up in plenty of time ready for the cooler weather. As always, we will continue to bring you heating oil price updates and news on our blog.