The Russian-Ukraine war continues to affect the west, with crude oil prices soaring. Rising fuel prices quickly impact the cost of living, with heating oil costs rising alongside other expenses.
According to RAC and the AA, fuel prices have skyrocketed to record highs. However, the consequences of Russia’s invasion isn’t only impacting forecourt prices, with heating oil costs climbing also.
Why is heating oil costs increasing?
The price of heating oil is rising due to a spike in crude oil prices – directly correlated to Russia’s invasion of Ukraine. Due to the ongoing war, fears over supply disruption has caused inflation.
Brent Crude Oil started trading at $99.08 a barrel (February 24th) – the day of Russia’s invasion – before rocketing to $127.98 (March 8th).
Today, the UK and the US have banned Russian oil and gas imports to pressure Russia, which is likely to disrupt supply in the UK. Analysts have warned consumers to expect even higher energy costs as the war continues.
Specialists warn that crude oil may soon break record highs, as its record price stands at $147.08 per barrel, set in July 2008.
Ofgem, energy regulators will also be increasing its energy price cap from April 1st from £693 to £1,971 per year. Many analysts worry that millions of consumers in the UK won’t be able to afford their energy bills – leading to a rise in fuel poverty.
How to prepare for rising costs?
The rising costs for customers who depend on heating oil is understandably a growing concern.
We recommend our Budget Payment Plan – which spreads the cost of fuel bills into 12-monthly smaller payments. We can also review the amount you pay regularly and provide updates on your usage – making it our most popular payment method.
For all your fuelling needs, contact your local depot for the best deals on Heating Oil, Red Diesel, Lubricants, LPG Gas Bottles, Tanks or Licensed AdBlue®.
