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Financial services group Alliance Trust has predicted that oil prices will continue to rise.
The company has contradicted claims that speculation is to blame, saying instead that fundamentals such as geopolitical risk and industry cost inflation are the important factors.
Global oil and natural resources analyst Angus McPhail explained: "Fundamentals rather than speculation are driving oil prices higher. Oil markets remain tightly controlled by supply and demand."
Producers in Saudi Arabia recently pledged to increase output by 200,000 barrels, but Alliance says this will have little impact as they are likely to be low quality.
With the group believing it is "very likely that we will have to face even higher oil prices than the ones we are currently seeing"; home heating oil customers are advised to stock up sooner rather than later.
Significant increases of oil and diesel thefts have been reported across the country as fuel prices continue to escalate.
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