When is home heating oil cheapest?
We all love to get a great deal on the things we can’t live without, so when it comes to home heating oil we’ll look for the best deal we can. Is there a good time to buy home heating oil? When is home heating oil cheapest? Read on for our expert advice on how to pay less for your oil in Northern Ireland.
If you consider the principles of supply and demand it would make sense that in the winter, demand for home heating oil would increase, which tightens supply and raises the price. However, as there are many global economic factors that influence the cost of home heating oil, such as political relationships between oil-exporting countries and levels of global reserves, these principles aren’t so black and white. For example, at the start of this year (i.e. in the middle of winter) Northern Ireland customers were able to take advantage of the cheapest home heating oil prices in 11 years.
As we move into the summer months, we require less oil to heat our homes as the natural daylight and longer days mean our houses have the chance to warm up without the need to put the heating on. With that being said however, now is a great time to take advantage of lower oil prices and top up your oil tank in preparation for the winter ahead. As oil prices fluctuate every day, there’s no guarantee that the low prices today will still be as low as we move into autumn, especially with tensions in the Middle East strongly influencing the cost of oil.
Supply issues aren’t the only factor influencing the price of home heating oil – you also need to consider VAT rate changes, delivery and distribution costs, currency exchange rate fluctuations, and of course the ever-unreliable weather. Last summer in Northern Ireland was a bit of a washout being wet and windy for the most part, and these miserable conditions encourage people to stay indoors and have the heating on – so let’s pray for a great summer this year!
As you can see, finding a magic formula for when home heating oil is cheapest is nearly impossible, but thankfully, you can always rely on us to give you a great deal.
Our advice to get the best deal on home heating oil would be to buy it early, and buy as much as you can afford at the time – to benefit from lower cost per unit and delivery charges. Our ‘Super Day Delivery’ option will also allow you to save money on delivery costs by arriving at your home to top up your tank on the cheapest day possible.
You can keep an eye on oil prices daily as they fluctuate to check when the best day is to purchase, however if that sounds like too much effort, why not let us do it for you? We update our prices in line with these market changes so when the price starts to drop, our prices do too, so you can buy with confidence knowing that you’re getting a great deal.