Buy now or wait and hope? Families face gamble on heating oil
Summary
Families in the UK who use heating oil to warm their homes face rising costs as prices have nearly doubled over the past year due to conflict between the US and Iran. Many are unsure whether to buy oil now or wait, risking higher prices, and some plan to reduce heating use to save money this winter.Key Facts
- Heating oil prices in the UK have risen sharply, almost doubling in one year.
- The price increase is linked to conflict between the US and Iran.
- About 1.5 million UK households, mostly in rural areas, depend on heating oil.
- Heating oil users do not benefit from the government’s energy price cap.
- Customers must pay a large upfront cost as their tanks hold between 1,000 and 2,000 liters.
- The average price for heating oil on 9 September 2026 was 97.05p per liter, up 85% from the previous year.
- The government provided £53 million in support for low-income families using heating oil, but eligibility rules vary and some people do not qualify.
- Charities are urging the government for more help and to include heating oil under the energy price cap.
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