Understanding Heating Oil Prices
Rural homeowners who rely on heating oil will know that heating oil prices fluctuate throughout the year. So it's really important to understand why and when these fluctuations occur in order to get the best price. 2018 heating oil prices have been as low as £0.49 per litre or as high as £0.55.
It's all about supply and demand! During colder months, people tend to have their home heating switched on (and turned up) for a lot of the time, which inevitably means more people will be buying heating oil to keep those thirsty boilers running. When consumer demand for something increases, generally its value goes up. It's basic economics. The same is true for the heating oil industry. During Autumn and Winter, temperatures are cooler, therefore demand for heating rises which makes heating oil more valuable during this period. In the summer months, temperatures are much warmer, thus fewer people are buying heating oil so prices drop as the demand falls. It's also worth noting that the price will vary depending on the amount ordered, the more heating oil you purchase the cheaper the pence per litre price.
As a reputable heating oil supplier, we always recommend that our customers stock up in the summer months while the prices are at their lowest. Buying extra whilst its warmer is a good way to keep heating costs down over the course of the year.