The price of heating oil was at a four-year low in December, with a 23% fall in price between December 2013 and 2014. But it has started to rise again.
Dropping from an average of 56p per litre in December 2013 to 43p in December 2014, heating oil was at its cheapest in four years. (These figures from Fuel Oil News are based on ordering 1,000 litres of kerosene heating oil, the most common type used in the UK.)
However, heating oil prices have started to rise a little again, although they are still lower than in previous years.
Heating oil prices can fluctuate and vary greatly, depending on a number of factors. This can include the time of year, the weather, your location and the price of crude oil – the latter was a large contributing factor to the drop in the price of heating oil.
Which? spoke to the industry body that offers accreditation to heating oil engineers, the Oil Firing Technical Association (Oftec), about the decline. It suspects that prices will remain low, at least until March.
We normally recommend that you buy heating oil in summer, when there is less demand so prices are lower. But with the current price of heating oil being so low, it’s worth looking at prices now, ideally comparing them to what you have paid in summer, if possible.
If you are thinking of ordering more home heating oil or want advice either getting your boiler insured or serviced, please contact your local depot. For heating oil prices, you can also use our quote form at the top of the page