UK Kerosene Heating Oil Price Trend for February 20th

20 February 2012

Posted by John King

The average price of heating oil in the UK has fallen over the last few days, retreating from highs seen last week.

This had seen the cost of the commodity hit a level of almost 61.5p per litre (ex VAT) on February 14th - the highest cost since the prolonged cold snap of December 2010.

While shallow declines were seen throughout the second half of last week, larger drops over the weekend and this morning saw the cost of the fuel fall back, with home heating oil now selling at an average price of around 61.05p per litre.

However, expenses for the commodity may be set to rise again in the near future if the market reacts to recent hikes in the cost of crude oil, which have been partly caused by Iran announcing it will stop supplying the fuel to the UK and France.

Business Week reports Brent has climbed by 1.3 per cent today as a result of this - as well as positive economic news from Greece - and is now selling at $121.15 (£76.41) per barrel.

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