Suppliers need to respond to these changes in order to cover any increases in delivery costs. The price of petrol and diesel can fluctuate often. More information on this can be found here. Whilst fuel duty and VAT rates don't change regularly, it's still important to remember that they contribute to the cost of your heating oil. As heating oil is refined from crude oil, any fluctuations in price, and also any changes to refining costs can directly affect the cost of your oil. The price of crude oil can be affected by all of the factors mentioned above. This is common in the winter months, so we always recommend trying to keep your tank topped up during the summer months so that you're able to take advantage of the typically lower prices. When oil is in high demand, the price rises as it puts a strain on the supply. The demand for heating oil fluctuates throughout the year, depending on factors including the seasons and weather. This is because there is often the need for additional security measures to safely export the oil. The cost of exporting oil can rise if there is conflict in an oil producing country. Foreign Exchange RatesĪs the UK import oil, any changes in exchange rates can directly affect the cost of your heating oil. They meet regularly to coordinate policies and any changes made to agreements can affect the price of Crude Oil, which in turn affects the price of domestic fuel. OPEC is an intergovernmental organisation of 15 oil exporting nations that work together to stabilise global oil prices and maintain a regular supply. What Affects Heating Oil Prices? The Organisation of the Petroleum Exporting Countries (OPEC) At Fuelfighter we follow the market closely and will always try to offer you a competitive rate for your heating oil. However, as the graph shows below, the price can vary throughout the year. Factors such as extreme weather, politics and import costs can all have an impact on delivery costs. Whilst it's often thought that the price of oil can fluctuate depending on the weather, it's not always the case. The graph below shows the recent trend in UK heating oil prices, along with UK temperatures. However, we will always endeavour to provide you with the best heating oil prices and quotes for your fuel. The majority of which are beyond the control of our suppliers so it's extremely difficult to predict changes in price. It is not always easy to find cheap heating oil on the market, as there are a number of external factors that can affect the price of oil. Heating oil prices can fluctuate daily, often varying dramatically.
0 Comments
Leave a Reply. |