The price of heating oil can fluctuate daily, and is influenced by many different factors, including politics and weather. Using data from both the Met Office and the Office for National Statistics, this graph shows you the trend in oil prices in recent months, along with the UK’s average temperature.
Usually it’s typical for the price of heating oil to be lower in the warmer months. However as mentioned above there are multiple factors which ultimately affect the price of oil. At the moment we are seeing a hike in oil prices despite the recent heatwave. Heating oil is actually more expensive now than it was in January 2018. This is due to the price of refined products increasing off the back of a rise in crude oil prices. The main factor for this being a rise in geopolitical risk in oil producing countries.
Unfortunately, this gives oil distributors no choice but to follow the price increase. This means an increase in costs for consumers. Whilst the oil market can be unpredictable, industry experts believe that oil prices should begin to settle by the end of the year.
How Can You Get the Best Price?
To avoid getting hit by further price hikes we always recommend trying to plan ahead. Buying your fuel in advance enables you to take advantage of lower delivery costs by choosing an economy delivery service. With a delivery window of up to 10 working days, oil suppliers can group together orders. This reduces fuel costs, which means they can pass those savings on to you. Our suppliers will always try to get to you as soon as they can within this time frame. Don’t forget you don’t need to be present for your delivery, unless there are any access restrictions.
We regularly update our information on trends in oil prices, along with weather averages so do visit our UK Heating Oil Prices page for more information.