Weekly Price Update: Save Over £100 vs Last Year

Average UK heating oil prices have dropped this week. That means you can save over £100 this autumn compared with last year. And, with cooler weather and October not too far away, we think now is a perfect time to get your autumn fill-up in.

Are these prices the lowest we'll see in 2024?

The truth is, we just don’t know. As you’ll see when you read on, there are many factors (from Middle East escalation to Chinese demand) that could change the oil price in either direction. And it can happen fast.

One thing is certain: a 750L heating oil order today will cost on average £105.83 less than at the same time last year! If you want to top up before autumn, that’s a saving you can feel good about.

What could impact heating oil prices over the coming weeks?

• Increased production:OPEC’s (Organization of the Petroleum Exporting Countries) plan to increase production next quarter. The increase will be starting in October and will see eight OPEC+ members raise output by 180,000 barrels per day.
• Crude supplies: After a political standoff that had shut down the majority of oilfields in Libya's Sarir, Messla, and Nafoura, have now been instructed to resume operations.
• Demand concerns: There are demand concerns after China’s factory activity dropped to a six-month low in August as raising fears about the Chinese economy.
• Seasonal demand: As the colder months approach, the demand for heating oil usually rises, often leading to higher prices. If you haven't refilled your supply this summer, now is a good time to consider ordering while prices are still low, before the cooler weather arrives and potentially drives costs up.

Get a Quick Quote now to see if smaller top-ups are available in your area today!