Heating Oil prices at three year low this summer
UK heating oil prices have fallen to a record 3 year low this summer.
As a rule of thumb Heating Oil prices are traditionally much lower in the summer months; however this year has seen prices get even lower. This can be attributed to the very mild winter the UK experienced this year, where the number of frosty mornings we had in some places of the country could be counted on one hand, compared to the winter we had last year when Daffodils were covered in snow in many places.
This mild winter, meant demand never outstripped or strained supply and therefore there has been a surplus of heating oil in the global markets. This is great news for consumers who rely on heating oil to heat their home, especially if you’re in a position to buy in the summer.
Today’s prices represent a decrease in prices of c.17% from a peak of 62.90 when prices spiked in April last year after a usually cold start to Spring and a year on year decrease of c.9% from July 2013 to July 2014, when an average litre of heating oil from Rix Petroleum cost 56.59ppl.
Get a quote for your heating oil from Rix Petroleum today