Due to COVID-19 and the lockdowns around the world for both customers and industry, the global oil demand has plummeted. In July 2020, the price for kerosene went down to an average of 25p per litre - the lowest price it’s been in five years. However, despite recent events, heating oil prices are in general known to vary, depending on a number of factors. But the good news is that you can still save money if you know how! Therefore, in this article, we’re going to explain our three top tips to help you secure the best oil prices in any season.
Here are our top tips for getting the best heating oil prices throughout the changing seasons:
1. Monitor the Weather
Check weekly, fortnightly, and even monthly weather forecasts to ensure you are keeping track of the best home heating oil prices. Also, by doing this, you can not only make sure you have enough fuel for when the weather is bad, but it gives you a little heads up on when heating oil prices might drop a little if it gets warmer or there is a change in conditions.
Typically, heating oil prices are lower in the summer due to a demand reduction. Although this is usually the case, prices have been known to still fluctuate in the summertime, so it is still wise to keep an eye out on the market in general.
During the colder months from October to March, the UK tends to experience the highest demand for home heating oil. This results in a price increase for heating oil as the rise in demand puts a strain on supply. Although it may seem counterintuitive to purchase your home heating oil during the hot summer months, it can lead to the best deals due to the demand and price going down.
To give you an indication, most people tend to purchase heating oil two to three times a year, depending on the size of their tank and the amount of energy they consume, and order around 1,000 and 2,000 litres.
2. Compare suppliers
Along with supply and demand being a key factor affecting your heating oil prices, the local competition also comes into play.
Heating oil suppliers will usually attempt to undercut their competitors and offer lower prices. However, it is important to note that, saving a few pennies of the price per litre of kerosene may not be worth it in the long run, as you may end up experiencing slow delivery times and poor customer service.
To prevent this from happening, you should conduct your own online research and look into company reviews on both their official website and on review sites, such as Trustpilot. Reading customer reviews will allow you to make an informed decision on the company’s credibility and ultimately decide whether you trust them or not.
It is important to compare as many quotes as you can from local and online companies, as heating oil prices vary between businesses and across the UK. Also, monitoring these quotes can be very useful, so you are in the know with regards to when and where you can get the very best heating oil prices on the market.
3. Buying in Bulk
As mentioned in our post explaining the best ways to lower your heating bill, another way of getting the best oil prices is buying in bulk. The more heating oil you purchase, the cheaper it will be! However, the amount of heating oil you can store depends on the capacity of your tank. The average size of a domestic heating oil tank is between 1,000 and 3,500 litres, and they should only be filled to approximately 80% to prevent spills.
This is why heating oil clubs are so popular, where a lot of residents in the local area utilise kerosene as their primary fuel source. It is cheaper for suppliers to deliver one large ‘bulk’ order to one area than it is for them to deliver several smaller orders in different areas.
Rix Petroleum currently serves many heating oil clubs all across the country, and we always ensure that we donate the savings we have made on the reduced transportation costs to great causes and local community projects!
Here at Rix, we want to provide you with the very best oil prices and ensure that all of our customers live comfortably all year round in fully fuelled homes.
As Rix have supplied heating oil for almost 100 years, we have been asked plenty of questions about heating oil prices. For more expert information, check out our heating oil price guide.
Alternatively, if you have an enquiry about our heating oil services, or are running low on fuel, contact your local depot where a member of our friendly team will help in any way they can. We have an excellent reputation for quick responses, competitive heating oil prices and trustworthy services, even in the harshest of weather conditions.
Click here to get an instant heating oil prices quote