Home Heating Oil Prices UK | Domestic Heating Oil
We are often asked about the current price of heating oil and many of our customers are concerned with knowing when exactly is the right time to buy.
It can be very difficult to answer this question given the number of factors which effect the price at both at National and Regional level, however the following key elements will likely influence the price that you will pay to heat your home:
- Time of Year - Winter months are typically more expensive than the summer given the rise in demand across Europe, the summer months of June and July will usually provide the lowest rates.
- Weather - As the temperature drops and weather conditions worsen, the demand for oil will increase as customers will turn their heating on for longer periods, this will usually cause the price to rise. Extreme weather can significantly influence the logistical costs of distribution for oil companies.
- Global Supply - The global supply of kerosene and the price of crude oil will impact on the price of heating oil. If there is a global production decrease or shortage in supply and the level of demand remains consistent, the price in the UK is likely to increase.
- National/ Local Supply - The national supply and demand for kerosene will impact the price. If there is a regional issue hindering supply e.g. weather conditions, the price can rise. At a local level, the price can vary depending upon the number of suppliers concentrated in the area and their access to wholesale stock.
- Haulage Cost - Price will vary depending on where a distributor is located in relation to a refinery or major storage facilities. The cost of product collection either ex-rack from the terminal or in haulage to the distributors depot for storage and then the cost of delivery to your home will impact upon the price paid. Rural areas can often be slightly more expensive for fuel than urban areas, but not always. The current high cost of road diesel is impacting on the delivered price of product in 2012.
- Stock Levels - As the market prices fluctuate throughout each day, the price which a distributor is charging may change due to the method in which their purchase their stock, the price change in that day and the amount of stock the distributor has at a particular price either in storage at their depot or at the nearest terminal.
- Order Quantity - The quantity which you order for your oil tank will influence the pence per litre rate which you will pay. If a distributor is able to deliver a larger volume to your tank, typically the cost of delivery will be less.
To aid heating oil users across the UK we have compiled a convenient regional guide to the average price trend of heating oil for the past 12 months. We continue to monitor the average cost of 1000 litres each month and hopefully this will assist you in determining the right time to buy your fuel. You can also check out our blog and see the factors to consider when purchasing your oil in greater detail. Don't forget, having your boiler regularly serviced or using a fuel additive to ensure more efficient combustion in your boiler can also save you money on your fuel bills.
*The above graph is for indicative use only and is intended to demonstrate price movement up or down in the regions shown. (Prices displayed include VAT). ValueOills.com Ltd accepts no liability as to the accuracy of the above information, it is intended for illustrative puposes only.