Read our tips on how to find the cheapest oil in NI and what affects home heating oil prices in N Ireland
With the increases in the price of heating oil over the last few years, finding the cheapest oil in NI has become an important task when the time comes to fill up the tank. We have put together some information and advice that we hope will help you find the cheapest heating oil prices in NI.
The price of heating oil is affected by many different factors and knowing about these will help you in your search to find the cheapest prices for oil in NI. The main factors to consider are:
Local Weather in Northern Ireland – on a more local level, the ability to find the cheapest oil in NI is going to be affected by the weather. Generally, heating oil prices rise in the winter when demand is higher and the weather is colder. If there is extreme weather that affects supply, prices may rise.
Transportation costs – The price of diesel has also risen meaning transportation costs for heating oil distributors in Northern Ireland have also risen. The price you pay per litre for heating oil will be influenced by how far you are away from the supplier and how far away the supplier is from the heating oil storage depot. So, finding the cheapest oil in Northern Ireland is all very well but it will be regional and you will have to find the cheapest oil in your specific area.
Stock levels – This is very important in understanding how to find the cheapest oil prices as generally stock levels across Europe are higher in the summer when demand is low. As a result, heating oil prices generally drop. However, another factor to consider in relation to stock is how much stock your local heating oil distributor holds. Distributors these days generally don’t hold a lot of stock because it is expensive to do so. This means your supplier will be at the mercy of the fluctuations of the global market much more than if they were able to stock up when prices are lower.
Local competition – It’s generally true that the cheapest oil prices in N Ireland are found where there is the most competition. Northern Ireland has a relatively healthy level of competition which is good news. If you are in an area with a good range of suppliers, you will stand a better chance of finding cheaper prices.
Knowing what factors affect heating oil prices in Northern Ireland should help you to make more informed decisions about the best time to buy. Here are our key tips to finding the cheapest oil in NI.
Last modified on: 25 Mar 2014