Why some have no choice but to pay costly oil prices
Summary
In the UK, about 1.5 million people in rural areas rely on heating oil, which is not regulated like gas or electricity. Due to global issues like the war in Ukraine and tensions in the Middle East, heating oil prices have increased significantly, causing higher costs for both households and small businesses.Key Facts
- Around 1.5 million people in the UK use heating oil for warmth instead of mains gas.
- Heating oil prices are not controlled by the government, so they quickly reflect changes in global supply and demand.
- Conflicts in the Middle East and the war in Ukraine are reducing oil supply, pushing prices up.
- Heating oil prices doubled from about 60 pence per litre in March to a high of 134 pence, currently around 111 pence per litre.
- Filling a typical 500-litre oil tank now costs about £550, up from roughly £300 last year.
- Small business owners and community services are raising prices or facing financial strain due to higher fuel costs.
- Many affected people live in rural areas without easy access to public transport, making heating oil vital for heating homes and running businesses.
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