It’s well known that along with the rest of the world, UK heating oil prices can be unpredictable. This is because they are affected by many external factors.
So, What is Happening at the Moment?
Recent trends show that prices are still lower than they were this time last year. Despite recent events in the Middle East, heating oil prices haven’t risen drastically. This is because fuel was still in relatively good supply. If your tank is starting to run low, now is a great time to top up for Winter as we’re yet to see the typical increase in prices often seen at this time of year. With prices reported from the Office for National Statistics, the graph below shows you the recent trend in heating oil prices, compared with the average UK temperature.
As the Winter period is approaching it’s important not to leave yourself short of oil. Winter weather, such as snow and ice can not only affect prices, due to increased delivery costs, but also impact the availability of deliveries. Poor weather conditions can mean that deliveries take longer to carry out, and routes may need to be changed.
Whilst the colder temperatures can impact the price of oil, it’s important to remember that there are many factors, beyond the control of fuel distributors which contribute to the cost of oil. Brexit itself offers some uncertainty with regards to tariffs being imposed.
Some of the other key factors affecting the price of oil include:
- Conflicts in oil producing countries,
- Crude oil refining costs,
- Distribution and delivery costs,
- Supply and demand,
- Foreign exchange rates,
- Changes and updates from OPEC, the Organisation of the Petroleum Exporting Countries.
Our trusted, local suppliers follow the market closely in order to offer you the best prices for heating oil. Click here to get a new heating oil quote and see how much you can save on your next order.