Households using heating oil saw their bills reduce by as much as 75%, leading to a surge in orders for distributors across the country.
With around 1.5 million homes in the UK not connected to the main gas supply, and therefore relying on heating oil, the sudden price drop meant that many households were purchasing extra oil to store, before the prices inevitably began to climb once more.
There are reports from suppliers of customers buying extra tanks to store the cheap fuel, suggesting that many are following expert advice to take advantage of prices falling from 54p per litre in January to below 20p in recent weeks.
Andrew Cooper, commercial manager at Certas, said; “Normally at this time of year a lot of customers top up their tanks, but at the moment they are filling up completely.”
Malcolm Farrow of OFTEC agreed that, with prices so low, it was a “really good time to fill up”, but also predicts a slight rebound in prices over the coming months.
Source: Fuel Oil News