Our research has revealed that the price of heating oil has dropped since the beginning of the year – so buy now if you want to get a cheaper price.
The price of heating oil is now around 40p a litre – down from 46p in January 2015*. This is because there is less demand for heating oil in the summer months, so prices tend to be lower.
This summer, prices are even lower than they’ve been previously, as the price of crude oil has dropped.
Of course, this isn’t always the case. So it’s a good idea to keep an eye on prices over the year.
There are other things you can do to reduce your heating oil costs. We’ve pulled together our top tips to help make sure you cut your bills and save money.
Find out all you need to know about maintaining a heating oil tank and fixing problems – click heating oil.
Getting the best price for heating oil
Shop around for heating oil
Prices vary across the UK and by company, so it’s best to compare prices with as many companies you can. One Which? member told us they saved £124 on 750 litres of heating oil by getting three quotes.
Comparing quotes every few months will also help you to find out when prices have dropped.
Buy heating oil ahead
Planning and ordering ahead for when you will need heating oil can help as express deliveries cost a premium. Just make sure your tank doesn’t get below a quarter full – if you don’t have a heating oil gauge, we recommend you get one.
Bulk buy heating oil
It stands to reason that, like with many other things, the more you buy the less it costs. Most domestic heating oil tanks take up to around 2,000 litres of heating oil.
Buying as much as you can will help you cut the cost, although you should only ever fill your tank to 80-90% of its capacity to avoid spillage.
Join a heating oil club
Your tank size will limit how much heating oil you can buy at once. But if you club together with others, you can order far more. Getting together with neighbours or joining a heating oil club could knock 10% off your bill, according to the Citizens Advice Bureau.
Upgrade your heating system
It’s not just the price of your heating oil that can save you money, as having an efficient boiler will also reduce how much heating oil you use.
According to oil industry body Oftec, getting a modern condensing boiler that’s up to 97% efficient could save you around £200 a year. See our oil-fired boiler reviews to find the right boiler for your home.
*(Figures from Sutherland Tables, which collects domestic fuel pricing data.)