22/12/2023
Heating Oil Price
Is heating oil more expensive at the moment?
The cost of living in the UK has fluctuated over the last year, including the cost that we are paying for oil. We are also seeing a natural increase in price as the weather is colder and demand is high.
Heating oil peaked this year in the UK in September at 81.88p per litre; with the lowest in June at 56.93. Current prices for December 2023 are around 75p, which is a year-on-year decrease of 24.7%.
Why are oil prices fluctuating?
There are a few reasons why the cost of oil has increased over the last few years; the increase in demand after shifts in work-from-home patterns, delivery issues, conflict in oil production companies, and production issues all have some part to play in this, along with many other factors.
How to reduce the cost of your oil
While it may seem bleak, there are ways that you can reduce the cost of your oil expenses.
Buy in bulk
As with many products, the more you get, the more you save. Oil providers will regularly offer a discounted rate when buying large quantities, so it can be worthwhile to ask about bulk purchasing.
It is possible to cash in on the economies of scale by pooling together with neighbours to buy a large quantity of oil and split the cost.
Plan when to buy
Another way to save money on your heating oil is to purchase it before prices spike in the winter. From the yearly high in September, it is likely that many people decided to buy their oil before wintertime, causing prices to spike – so this is something to be aware of.
Protect your oil from contamination
Contaminated oil is wasted and, therefore, very costly; protect your oil from becoming contaminated by covering it and checking for physical damage.
Water in your tank can cause rust to accumulate, damaging valves and piping and reducing the efficiency of your oil tank.
Keep an eye on your tank and check for splits or cracks to reduce the risk of water entering your oil tank.
Read more about water in your oil tank here.
Protect your oil from theft
Unfortunately, oil theft is common and with rising living costs, protecting your oil from theft is as important as locking your car.
Lock it
Use a lock or alarm to make it harder for thieves to steal your oil.
Check it
Use a gauge to check the oil level in your tank and frequently check for unexpected reductions – this may be a sign that someone has taken oil from your tank or you have a leak.
Protect it
Protecting your tank from theft can be simple but mustn’t be forgotten, whether it is through keeping your oil tank in view of the house or using a light nearby to deter thieves.
Read more about oil tank theft.
Top it up
While it may sound counterintuitive, keeping your oil tank topped up means your system will run more efficiently.
Leaving the oil to run dry can massively damage your system and incur expensive repair costs.
Especially in the winter, when oil is in high demand, you may find that you cannot get deliveries when you need them.
This is why we recommend booking an oil delivery before you need it, when the level is around ¼ full, reducing the need for pricey emergency delivery if you run dry.
Get an oil tank service
An OFTEC oil tank engineer can service your tank, cleaning it and checking for any damage. Servicing your tank yearly will keep it in tip-top shape and keep your system running efficiently.
Between services, you should also check for bulges, cracks, splits or discolouration and ensure they are looked at as soon as possible.
How else can I reduce energy costs?
- Use a smart meter to track how much energy you are using – use this information to see where you may be spending on unnecessary costs.
- Use a comparison tool to find the best price for your oil.
- Look into supplementing your oil with renewable energy.
- Check out your insulation – can you upgrade the insulation in your home?
- Have a boiler check – you may find that a small problem now would develop into an expensive repair in the future; get it looked at now.
- Swap to more energy-efficient appliances.
- Assess your oil needs and if you have the correct size tank.
Contact us
Contact our team of experts, who can talk you through options for your oil tank.
