Tips on finding the cheapest oil in NI

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.

What affects oil prices in Northern Ireland

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:

Global Crude Oil prices – since heating oil is refined from crude oil, the global market price for crude oil is one of the biggest influences on prices. Oil is traded as a commodity by traders and hence is subject to speculation. Some of the factors that affect the price of crude oil include:
  • Worries about shortages of supply as a result of civil unrest in oil producing countries. 
  • Large weather events can cause production to shut down e.g. hurricanes in the Gulf of Mexico can lead to supply concerns. 
  • Exchange rate fluctuation -crude oil is sold in dollars so currency fluctuations will affect the price.
  • Economic factors - the economic performance of countries such as China, the USA and Europe as a whole can impact on prices as improving or declining economic output will drive or slow demand for oil. 

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 competitionIt’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. 

Tips for finding the cheapest oil prices in Northern Ireland

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.

  • Buy in the summer – generally the cheapest oil prices in N Ireland will be found in the summer when demand is low.
  • Buy in bulk – ordering larger quantities will give you a better price per litre and you will make savings. This involves planning and monitoring your tank so that you know when to time your orders. 
  • Consider group buying – BoilerJuice makes this easy as we will automatically group orders for standard delivery by postcode area to get bigger savings for you where possible. If you take part in our Buying Weekends, you have more of a chance of achieving a group saving.
  • Spread the cost – whilst not a way of finding the cheapest oil, using a payment plan where you can pay in every month to save up for your heating oil does mean you will then have the cash available to take advantage of prices when they are at their lowest.  
  • Track and monitor – keep an eye on prices and trends. We’ve made it easy for you to check on oil price trends in Northern Ireland with our heating oil price chart which is updated daily with the latest average price of oil across NI.
 
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Published date -

Last modified on: 25 Mar 2014

BoilerJuice may be able to help you find the cheapest oil in NI and will offer you excellent customer service.