– 1.5 million UK homes rely on domestic heating oil to stay warm in winter
– Buying 1,000-litres of heating oil in August cost an average of £432.60 over the last three
years
– The average national price over 3 years for 1000 litres of heating oil between August and December rose to on average £492.70, a £60 difference
1.5 million homes1 could be overpaying up to £90 million every year by ordering their heating oil too late, research has
revealed.
Fuel supplier Crown Oil looked at three years of ONS data
and found a clear pattern in the average national heating oil prices.1
With that, homes need to know when the best time to order their winter fuel is to avoid higher prices and longer delivery times in the event of a harsh winter.
While oil prices can be affected by location, political unrest and production levels around the world, the weather can also have an impact.
Looking at data from the last three years, national heating oil prices have followed a consistent pattern: a 14% increase in August and a steady climb throughout the winter months. The average price over the last three Augusts is around 43p per litre, while the average December price
over the last three years rises to 49p on average – with fluctuations in the
oil market being the biggest influence. For the money-conscious heating oil consumer, the advice is clear: get your fuel in before the winter rush to avoid higher national costs.
Matt Greensmith, Managing Director of Crown Oil commented:
“Oil prices are difficult to predict, but in general, fuel suppliers see an
increase in demand across the country when homes caught in the cold compete for delivery resources with businesses that rely on diesel for their day-to-day operations.
“Purchasing heating oil ahead of the colder months gives you time to assess the market and place an order when prices are often at their lowest.”
“We urge residents who rely on heating oil to make use
of bulk buying, for example to order with a neighbour. This will allow bigger savings and ensure that homes off the grid are prepared for all eventualities. Doing so during the quieter season means it’s also easier to arrange a delivery.”
“People often only remember to order their fuel when
the weather turns, but being proactive and ordering your fuel ahead of the busy season allows you to not only save on your delivery but will also ensure that your supplier can get to you in plenty of time,” Mr Greensmith concluded.
Month | National average |
January | 44.64 |
February | 44.12 |
March | 44.86 |
April | 45.15 |
May | 45.58 |
June | 45.42 |
July | 44.98 |
August | 43.26 |
September | 45.20 |
October | 48.44 |
November | 48.06 |
December | 49.27 |
Tips to reduce your heating oil price
Order in August – oil prices are at their cheapest; 6p cheaper than in December.
Buy in bulk – team up with a neighbour and merge multiple deliveries into one.
Shop around – some suppliers might be able to offer you a better price on the day.
Track global market price – keeping an eye on oil price fluctuations can help you buy heating oil at the best price.
Order in advance – leaving your tank running low could leave you no choice but to use emergency deliveries which can often mean paying a premium.
For more advice on ordering winter fuel early, read Crown Oil’s
article on their website.3
Average prices calculated using three years of average national heating oil price data, not Crown Oil prices. Oil price changes daily and is dependent on multiple factors.
Source:
[2]: https://www.ons.gov.uk/economy/inflationandpriceindices/timeseries/kj5u/mm23
[3]: https://www.crownoil.co.uk/news/ordering-heating-oil-in-the-summer-could-save-money/
