Consumer Affairs: Heating oil

LOW HEATING OIL PRICES IN SUMMER CAN SAVE YOU 300 A YEAR

HEATING OIL PRICES AT THEIR LOWEST LEVELS SINCE WINTER 2016

SHOPPERS ADVISED TO BUY EARLY AND BEAT THE WINTER COST SPIKE

If you live in one of the 143,000[i] [1] homes in Wales that use oil
to power your heating system, you may be wondering when is the
cheapest time to stock up.

According to a new study by BoilerJuice, the UK’s largest independent
buying platform for heating oil, the summer months are by far one of
the cheapest times of the year to buy heating oil.

The average price per litre for Kerosene 28 in Wales, the most common
heating oil used by UK households, was around 45p in December 2016,
with the same price recorded in December 2014. But by August, this is
now 38p per litre, offering shoppers an 18% saving to purchase during
the summer months

Research conducted by PCP[ii] [2] shows that one in four (25%)
heating-oil households in Wales buy in the summer and save money. In
fact, households who buy their heating oil in the hotter months save
over 300 per year – compared to those buyers who ‘don’t really think
about it’ (717 versus 1028).

On average, a three-bedroom home using heating oil will order
deliveries two or three times a year, topping up between 1,000 to
2,000[iii] [3] litres depending on the size of tank and energy usage.
This typically equates to an annual bill of 776[iv] [4]. But prices
are seasonal and usually in the summer months, the costs are likely to
decrease. If you want to beat the seasonal price hikes, now is a great
time to stock up on heating oil.

This is because the price you pay for your oil is directly influenced
by the wholesale price suppliers pay and while this fluctuates on a
daily basis, the summer is often the best time to buy. Low demand
drives prices down with December or January usually being the priciest
month.

LEE COWLES, MD OF BOILERJUICE, said: “Most households in Wales buy
heating oil when they need it, typically as the weather gets colder
and homes need more heating, but the best time to buy is usually
during the summer. Prices have typically been lowest in summer, so we
advise the 143,000 oil-fuelled homes in Wales to buy in advance, when
demand is low in summer and the price reflects that”.

BoilerJuice gives all households with heating oil the chance to get a
better deal by using technology that allows more than 150 suppliers to
bid for your business, as well as a fast and fuss-free switching
service for customers.

For more information visit www.BoilerJuice.com [5], download the app
or call to speak to a real person on 0333 696 1165.

There are other fuel companies such as https://homefuelsdirect.co.uk/ and consumers are encouraged to shop around as can be seen in the graphs below: