Reduction in heating oil prices too?

Pickledonionlover

It's a shame those on heating oil won't see a reduction on the 1st April.

Gets tin hat!

Scot_39

the bulk of the budget "saving" (as bills go down taxes going up to cover the 75% RO cost and the new ECO replacement WHP) is on electric not gas anyway.

And not clear yet on split of new govt Ofgem policy charges - the £66 in new network and £17 secure supplies (think thats 100% electric)

Dustyevsky

Oil burning, wood stoves etc, allowing people to be somewhat independent, do not appear to be part of this government's agenda. Anyone who thinks they have an interest in rural living probably does need a tin hat!

Heating oil prices are roughly the same as at this time last year, and slightly below those at the end of February '24. Though prices are volatile, buying at the best time, and having the spare capacity to do so, remains a way to save.

Pickledonionlover

https://forums.moneysavingexpert.com/discussion/comment/81899488#Comment_81899488

It's a shame as Heating Oil users were included in 2023 within the Energy Relief Scheme as AFPs.

As you say though that was under a previous Government.

mark_cycling00

I'm not an expert but I think it's possible to set a regulated price for gas and elec because ofgen can see the prices of futures contracts for gas and electricity which your supplier will purchase. Then they can estimate from past evidence the costs of "balancing" transactions, customers not paying etc, then allow a 3% margin to prevent every supplier from exiting the industry.

With heating oil I doubt that "Joe bloggs Heating oil" ever buys futures contracts and sort of buys at the current rate on offer from the storage depots in Bristol or wherever.

They then add a margin to cover transportation etc and offer a price to you.

It's generally the companies who get the oil and gas out of the ground who suddenly make huge profits.

The share price of big heating oil suppliers actually crashed when oil prices spiked after the Ukraine invasion

Qyburn

https://forums.moneysavingexpert.com/discussion/6656890/reduction-in-heating-oil-prices-too

It's quite simple, the much advertised drop in (mains) gas and electricity prices are due to government levies on those fuel, some of which will instead be funded from general taxation. They have never been levied on heating oil. So rather than complain that those cost aren't being removed, be happy that you've never paid them in the first place.

dunstonh

Heating oil costs about the same as it did 6 years ago. Apart from a spike in 2022 and a dip in 2020, oil hasn't seen the same increases.

That said, I need to top mine up this month and its bloody typical that the US decides to bomb Iran just before I planned to do so.

RG2015

https://forums.moneysavingexpert.com/discussion/comment/81904756#Comment_81904756

As a fellow heating oil user for 6 years, I can empathise with you. With hindsight though I guess we could have seen this coming.

matelodave

Probably a good idea to top up now before the price increases just in case the conflict drags on for a lot longer than DT reckons.

I could end up a bit like Putin's Special Military Operation which was only supposed to take 3-4 days which is now into its 5th year with no resolution in sight.

griffb

Just ordered 500l, costing 45% more than last delivery at beginning of January 😯 Cue massive price drop tomorrow

Certas have taken their web ordering system down "for maintenance" and Homefuels are not delivering to my area

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81905693#Comment_81905693

I phoned mine this morning to order some, and he said my price wouldn't be affected because it's coming out of existing supplies, but he expected the price to increase once new supplies arrive. It was 8p higher than the December delivery, though