When is the best time to buy oil and three top tips to keep costs down?
At Boiler Juice we understand buying oil can be an expensive purchase but a necessary one, due to the U.S leaving the Iran nuclear deal it has resulted in oil prices rising. However, no need to worry as Boiler Juice is going to now provide you with some tips on when to buy your oil and how to lower costs.
There are a number of factors that affect oil prices which include:
- Increase in demand and decline of supply
- OPEC – ( The Organization of the Petroleum Exporting Countries is an intergovernmental organisation that unifies stability of petroleum prices.)
- Conflict in oil producing countries
- VAT rate fluctuations
- Distribution and delivery costs – (delivery options can differ in price)
- Refining costs
- Exchange rates
- Crude oil prices
Some of these factors are affecting the U.K currently and with over 1.3 million people in the U.K have heating oil tanks, we identify the importance to tell you how to keep savvy.
1.Time your Purchases
The most important and beneficial tip is to try to buy your oil at the best time.
With oil prices on the rise, it is tempting to try and wait for the prices to decrease again. Unfortunately, due to the sanctions being placed on Iran oil prices are forecasted to continue to rise. We advise for you to keep a close eye on prices and buy your oil sooner rather than later.
The summer is usually the best time to buy, when we are enjoying ourselves outside in the sunshine the last thing on our minds is to buy heating oil. However, the demand in the summer is lower than the winter months meaning more opportunity for competitive prices.
2.Monitor increases in oil prices
The two best oil price charts that are simple to read are the BBC chart and Boiler Juice chart. The BBC chart will update every fifteen minutes on the global crude oil prices, the Boiler Juice chart will inform you of the change in their supplier prices. Both these charts will give an indication of the best times to buy oil.
3.Don’t leave buying your oil to the last minute
Purchasing your oil last minute is a bad decision for those who are wanting to keep costs down. Being organised is the key to cutting those costs, if you are prone to forgetting to check your oil we would suggest getting an oil tank monitor. The monitor will notify you when your oil levels are getting low. It’s a lot easier for you than having to go outside in your crocs to check the big tank in the garden.
If you manually check your tank, the top tip is to make sure you purchase oil before the tank is too low. Frequent checking important as low oil will most likely result in an emergency delivery, which will cost you more. Boiler Juice does provide a backup for those emergency moments, the Kerosene Fuel box contains a small amount of oil that can be delivered easily to your home, it will last you roughly a week depending on your house size. This gives you the opportunity to organise another delivery of oil, skipping the high prices of an emergency delivery.
At the end of the day, nobody likes price increases, but we hope that these little tips can help you know when to buy your oil and how to lower your oil costs.