Why Heating Oil Prices Change by Guest Blogger Rix Petroleum
Heating oil is used to fuel an estimated 1.5 million homes in the UK, as some rural homes are not connected to the national gas grid. Homes reliant on oil will typically purchase their fuel in large quantities at a time which means that securing the best heating oil prices is key to keeping costs low.
The most obvious price differences can be seen in the winter and summer months. During these different seasons, the price of heating oil tends to be the most noticeably different. This is due to the nation’s demand for oil during these seasons, as we tend to order much less fuel in summer when the temperatures are warmer.
As the temperatures begin to drop, we generally use more fuel to heat up our homes. Around November and December, most homeowners realise that they are running low on fuel and need to top up their tank. This leads to a nationwide increase in demand for oil which suppliers can struggle to fulfil. Heating oil suppliers recommend that oil is bought early, preferably around October time as this avoids reliance on emergency deliveries which are costly to both the customer and supplier.
The amount of heating oil you order will also influence the price you pay. Larger fuel orders tend to qualify for better discounts, whereas smaller orders generally remain at their full price. Members of the same village can join their heating oil orders into one large order as part of a community oil buying group. An oil buying group can be a simple way of reducing the cost of orders, as the fuel supplier makes just one delivery trip and is able to offer a reduced rate.
By monitoring prices regularly, homeowners and businesses can keep track of price trends throughout the year and work out the best time to buy.
Rix Petroleum are an independent family-run fuel supplier, delivering domestic heating oil to homes throughout the UK.