August 05, 2016
We know it’s the middle of summer and topping up your Heating Oil may be the last thing on your mind…but buying it before the cold spells start to creep in, could save you money.
Over the last week, Heating Oil prices have slightly dropped and this could save you 7%* compared to average prices in July 2015 and 36%* compared to July 2014.
Prices can be affected by several factors including political conflict in oil-producing countries and foreign exchange rates, but during the summer months, it’s the decrease in demand that creates a surplus of Heating Oil in the global markets, therefore lowering the price of crude oil.
The price decline isn’t the only good news for those of you that rely on oil to heat your home, the latest Sutherland Tables report** has recently stated the cost of heating an average three bedroom home in Great Britain with Heating Oil, is now 31% cheaper than mains gas, 52% cheaper than LPG and 56% cheaper than electric storage heaters.
If you decide to top up your tank during the warmer weather, it’s likely that you will be keeping it stored until conditions worsen and you need to use it, so make sure your tank is secure to avoid any opportunist thieves steeling your Heating Oil. We have previously written about how you can keep your tank safe, you can read this here.
Purchasing your Heating Oil in summer is a great opportunity to save some money, get a free instant quote on our website today.
* Savings based on Rix Petroleum's average prices in July 2016 (up to July 26th) , July 2015 and July 2014 All prices based on ex VAT. Saving may vary depending on order quantity and geographic region
** Sutherland Tables - independent source of data on comparative UK domestic heating prices – April 2016