Home heating oil, otherwise known as 28 second kerosene, is an expensive commodity and fluctuations in the price of oil can be frequent and unpredictable. Whilst traditionally it’s thought that buying domestic heating oil in the summer will save you money as prices are typically lower, recent trends have shown that’s not always the case. Although the weather can still impact the cost of oil, recent trends have actually shown that the average price per litre has actually risen. This is despite the temperature being considerably milder.
It’s important to remember that sudden changes in the price of domestic oil are affected by the price of Crude Oil. This is influenced by a number of external factors including the weather, political unrest, global supply and demand, refinery costs and distribution costs.
Approximately 1.5 million homes across the UK rely on heating oil as they are off the main gas grid. For homes in rural areas, heating oil still remains to be one of the cheaper options for those without access to mains gas.
There are still some things you can do to help save money on your heating oil bill:
- Try to plan ahead when buying your oil. This will enable you to take advantage of the economy delivery service. The 10 working day economy service enables suppliers to group together deliveries in your area and reduce transportation costs. They pass this saving on to you by way of a lower rate. Our suppliers do offer quicker delivery choices, but they can come at a premium price.
- Protect and maintain your oil tank to prevent spills, leaks or even theft.
- Adjust your heating controls so that your heating is only on when you really need it.
- Stop the draughts. Spring is a great time for making those much needed repairs and home improvements now that the weather is milder.
- Maintain your boiler. Having an energy efficient boiler that is well maintained will save you money in the long run. Don’t forget OFTEC recommend having your boiler serviced on an annual basis.
Despite the arrival of Spring, the cost of domestic oil is on the rise with an increase in market prices. If your heating oil tank is starting to run low why not get a new quote today? Our suppliers follow the market closely and work hard to offer competitive rates for your fuel. Click here for more information on what influences kerosene heating oil prices.