UK Heating Oil Price Update
With global oil prices still at a high, the impact on heating oil prices is set to be with us for quite some time yet. There are many factors which affect the price of oil, but a key reason is supply and demand. When oil is in high demand, this puts a strain on supply, which in turn drives the price up.
OPEC, The Organisation for Petroleum Exporting Countries continues to report that supply is being increased, following a post pandemic slump in demand. However, there is yet to be any sign of prices dropping as demand for heating oil continues to surge. The graph below shows the recent trend in heating oil prices, with figures taken each month from the Office for National Statistics. You can also see the trend in heating oil prices increasing against the cold weather temperatures, which has only added to the demand for fuel.
Whilst the rising price of oil and heating seems to flood the news at present, there are steps you can take to help get the best possible price for your heating oil.
- Planning ahead and being aware of how quickly your home consumes heating oil can help you take advantage of the cheaper prices by ordering in advance and choosing the economy delivery option.
- Investing in a larger tank, if you have the room, enables you to order in bulk. This benefits you in different ways as firstly, the more you order, the cheaper your price per litre is. This is because it is more economical to deliver. Secondly, when prices are at a competitive rate, you’re more likely to have the storage to be able to order and take advantage of the price whilst it is there.
- Choosing to use Premium Kerosene heating oil, as this gives a cleaner burn and can last up to 10% longer.