Homes that use heating oil will face the biggest bills this winter – how to keep costs down

HOMES that use heating oil will face the priciest bills this winter.

As many as six million people in the UK use the heat source for warm water and central heating in their homes according to Nationwide Fuels.

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Heating oil provider, Boiler Juice, says on October 17 the average price per litre was 60.99p but that figure is sure to only be on the rise.

Brits have already had to fork out up to a quarter more than usual on their energy bills in general, as the current price crisis hits everyone.

But so far those paying for heating oil have already seen their own prices hiked by roughly 20p just within the space of a month.

On October 7, the average price was 61.39p, the highest rate seen this year, and a massive leap from prices recorded the month before.

Back in September, prices went from 44.40p before rocketing almost 17p and 36%, to the figures seen this month.

It’s not necessaily surpirsing to see the prices jump up at the same time we’re reaching for sweaters and blankets though.

Heating oil prices will fluctuate, but the pattern of rising costs is usually due to a spike in demand.

That means prices are lower in the summer months because less people need the oil, and costs escalate as soon as winter rolls around.

It’s the same for most households, even those with gas suppliers, and we already know that energy firms have been slammed for ramping up household bills by as much as 80% amid rising gas prices too.

But for heating oil users, prices will be directly from suppliers at the reflected wholesale costs, rather than how gas suppliers purchase in advance and are even restricted by things like the enforced price cap.

There is no officially recognised regulator for heating oil prices though.

But there are a number of things you can do yourself to keep on top of costs.

How do I keep costs down?

Your oil tank will probably be able to hold between 1,000 and 1,500 litres of home heating oil and it’s likely you’ll get through around 2,500 litres of heating oil every year. 

But that probably means you’ll need up to three deliveries a year, so it’s a good idea to be smart about when you order these.

Martin Lewis’ MoneySavingExpert has explained before that higher demand in winter means December is often the priciest, so avoid this time if you want to avoid hiked costs.

But if you aren’t already stocked up, that means you don’t have long left before that inevitable surge, so the advice is to get in as soon as you can.

You can sometimes get bigger discounts when you purchase larger amounts in one go, but this will obviously result in larger upfront costs, so keep this is mind.

Try haggling with your provider as you may be able to run down to a lower price you’re willing to pay.

The MoneySavingExpert team even says you can group together with neighbours to bring down the price.

You could bulk buy as a village or community to negotiate a better deal as the supplier would only have to visit the area once.

Have a look around to see if you can join a pre-existing club, otherwise you’ll need around 20 of you to get together for a good discount accoreding to the financial pros.

You can also try to be savvy with your heat usage, so you don’t burn through your oil so quickly.

Then you can save more money by buying less frequently or eking out what you do have until a more cost effective time – like in the summer.

Try things like turning the thermostat down by just one degree – according to Hubbub that can cut your bills by over £50 a year. 

You could also use heating controls to set a timer so you’re only warming up when you need it.  

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This post first appeared on thesun.co.uk