Petrol and Kerosene Price comparison chart 2015

UK Heating Oil Prices Drop to 5 Year Low!

As the price of crude oil continues to plummet, we take a look at how declines have lead to an incredible 5 year low for home heating oil users.

 

UK Heating Oil Price Trends in 2014

 

oil price comparison 2015

Heating oil prices continued to decrease throughout 2014, culminating in a 5 year price low towards the end of December. Declines in the barrel price of brent, combined with a surplus of oil and mild weather conditions saw our average UK price fall in line with the crude market, dropping 23.44% year on year (that’s an average saving of £70.45 per 500 litre order!).

 

 

Comparison: Average Petrol, Kerosene and Crude Oil Prices for 2014

Average oil prices 2014

 

Comparison: Percentage Change for Oil Prices in 2014

Average oil prices 2014 change

 

 

Heating Oil ‘Cheapest’ Fuel for Off Grid Homes

Following fantastic prices over autumn, OFTEC released a report in November 2014 naming heating oil as the cheapest fuel for off grid homes.

The article stated that, according to the Sutherland Tables, an independent source on domestic heating prices in the UK, homeowners using heating oil paid on average, 12% less in 2014 than they had over the past four years, with houses running on heating oil costing homeowners roughly 40% less than LPG and 26% less than electricity-powered systems.

Jeremy Hawksley, director general of OFTEC, stated: “With this in mind, these latest figures should provide much comfort to off-gas grid households using oil who can be assured they are choosing the least expensive fuel option. In fact heating is the only fuel to have fallen in price over the past three years.”

 

 

What Affects UK Heating Oil Prices?

Although changes in the crude oil market have a large influence on Kerosene prices, there are several factors that contribute to fluctuations in home heating oil prices across the UK.

These include:

Factors that affect heating oil prices

Sources:

OFTEC – http://www.oftec.co.uk/news_and_press_releases/oil-continues-to-trump-competitor-fuels-on-price-for-off-grid-homes

Sutherland Tables – http://www.sutherlandtables.co.uk/

Petrol Prices – http://www.petrolprices.com/the-price-of-fuel.html

Crude Oil Prices – http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RBRTE&f=M

Related Posts

  1. Price for domestic heating oil please.

    • Hi,

      The UK Kerosene 28 price data is based on the average monthly price for Kerosene 28 (also known as home heating oil or domestic heating oil) available through our website during 2014. To view our current average UK heating oil price you can visit our Price Chart page (here) or to get a specific quote for heating oil prices in your area, just fill out the quote form at the top of this page.

      Hope this helps 🙂

      Beth

  2. I checked the price of oil last week, it was around 37p per litre. Now this week it’s shot up a few pence. How come the sudden rise, i’m not aware oil has gone by this much?

    • Hi David,

      Alongside crude oil prices, there are a wide range of other factors that affect heating oil prices depending on the time of year (e.g. weather conditions, increase in demand and delivery costs). If you’re interested in reading more about this, there’s more information on our UK Price Chart Page (here).

      Thanks,
      Beth

  3. What are the current trends? Will oil prices keep rising throughout 2015?

    • Hi Sue,

      Thanks for your comment. Unfortunately it is extremely difficult to predict what oil prices will do, however over the past few weeks we have seen our average UK price begin to rise again. This could be due to a number of factors, including the recent increase in crude oil prices, or heightened demand as a result of the cold weather over January.

      The best way to get an idea of how prices may change is to keep an eye on factors that affect heating oil prices in the UK, and compare trends from previous years. If you’re interested, you can find out more about this on our Price Chart page (here).

      Hope that helps,
      Beth

Leave a Reply

%d bloggers like this: