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Oil Prices

HillStreetBlues
HillStreetBlues Posts: 4,513 Forumite
1,000 Posts Second Anniversary Homepage Hero Photogenic
in LPG, heating oil, solid & other fuels
Just looking at https://tradingeconomics.com/commodity/heating-oil  and my past oil buying

When i bought heating oil in 2011 it was trading at over $3 a gallon, now it's trading at  under $2.50 a gallon,  yet I'm being charged the same price per litre.

Let's Be Careful Out There

Comments

  • CliveOfIndia
    CliveOfIndia Posts: 1,834 Forumite
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    What was the USD/GBP exchange rate in 2011 compared to now?  Oil is always traded in USD, so the exchange rate between USD and local currency has a big impact on the price you pay (whichever country you're in).
    Obviously there are many other factors that affect the price a consumer pays - but USD exchange rates can have a massive impact.
  • QrizB
    QrizB Posts: 13,824 Forumite
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    edited 16 June 2023 at 10:05AM
    As well as exchange rate issues, the US heating oil market is only loosely coupled to the UK one. Looking at a US index is not particularly illuminating.
    Trading Economics carries at least three diffeernt natural gas indices, but I don't know if it has a UK or Eurozone one for heating oil.
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  • HillStreetBlues
    HillStreetBlues Posts: 4,513 Forumite
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    Totally forget about the exchange rate!  My excuse (not much of one) was it was late! :(
    Let's Be Careful Out There
  • HillStreetBlues
    HillStreetBlues Posts: 4,513 Forumite
    1,000 Posts Second Anniversary Homepage Hero Photogenic
    So to answer my own question, 
    I'm being charged the same price (PPL) as the price in Sterling for heating oil is the same in 2011 & 2023  (£2 a gallon)
    Let's Be Careful Out There
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