Current Prices of Heating Oil and the Best Time to Buy?

Over the years many home and business owners around the UK are frequently asking the same two  questions to their local fuel supplier; what are the current prices of heating oil as it stands and when is the best time in the year to buy?

From a suppliers viewpoint there are several answers to this question which can vary between days, months and seasons. Many other external factors can affect or influence the price of oil in between these periods and can cause massive variations in price both locally and nationally. This article will cover the top level factors which can affect the supply and demand of oil which influences the price the consumer pays to heat their business or home throughout the UK.

As mentioned the time of year is a huge factor in fluctuating oil prices. Generally in the winter months the price of oil is at its highest as there is a increased demand across Europe, in comparison to the summer months when there is less demand, which is reflected in the price.

The weather is also another significant factor in fluctuating oil prices. Typically a house hold will require heat for longer periods throughout the day and night when there is a sudden drop in temperature or severe weather conditions prevail.  As a result the price of heating oil will increase as there is a high demand for the product and the amount of heating oil fuel required will be much more substantial. Also the logistics for heating oil suppliers can be significantly impacted as the extreme weather can increase the costs of distribution.

The supply of heating oil on a global scale can hugely impact the amount the consumer pays. When there is  an overall shortage or decreased production of heating oil depleting the reserves and the demands continue to increase, the price of heating oil throughout the UK will continue to increase.

The supply and demand can vary both on a national level as well as a local level. National heating oil prices as discussed, if factors such as weather influence can cause the prices to elevate. On a local level it works slightly different, typically the price often varies between local suppliers and the vicinity of each other, for example a number of local fuel suppliers concentrated in an area can greatly affect heating oil prices. Also, locally some companies buy and store huge quantities of stock, therefore they have the luxury of providing you with competitive fuel prices and they have the option to sign you up to a fuel management plan avoiding any fluctuation in heating oil prices.

Haulage costs also determines the price that you as a business or home owner pay for your heating oil. Any fuel oil distributor that is positioned in close proximity to fuel refineries or fuel storage facilities should be able to offer low costs. It’s common to see that rural areas pay more for their heating oil in comparison to towns and cities as fuel oil suppliers are often going out of their way to deliver.

The amount of heating oil a business or residential premises orders is a huge factor that influences the price/ pence per litre you will pay. The more fuel that you require to be delivered the less the price you will pay on your delivery.

To support heating oil users across the UK, finding the best prices is often difficult, therefore it is recommended to use heating oil comparison sites such as Find A Fuel Supplier, MoneySuperMarket and Confused who independently compare heating oil prices both locally and nationally across a range of suppliers.

Hopefully this article will help you compile an average price trend of heating oil and hopefully will assist you in determining the right time to buy your fuel from your local or national supplier at the best prices available.

Find a Fuel Supplier compares the latest heating oil prices, kerosene prices across the UK enabling UK buyers to purchase heating oil, and the best way for suppliers to reach out and sell heating oil to customers.

Author: David Khan

Leave a Reply