Households that rely on heating oil have been advised to prepare for the winter by monitoring oil levels, maintaining adequate tank levels and order before running low.
Both demand and market volatility are increasing, with conflicts in the Middle East contributing to higher wholesale energy costs and rising heating oil prices across the UK and Ireland.
The Competition and Markets Authority (CMA) confirmed that high prices are solely due to wholesale markets, as it found no evidence of widespread competition concerns.
Research by the Fuel Distribution Association (UKIFDA) highlighted that some households have delayed topping up their tanks during the summer months, meaning they are going into the winter with lower levels than normal.
Ken Mackness, Chief Executive of UKIFDA, said: “The events we saw earlier this year demonstrated how quickly international developments can affect wholesale energy markets. The CMA’s findings have also helped clarify the factors influencing heating oil prices.”
The organisation have launched a campaign to help prevent running out of heating oil, UKIFDA say people should service boilers, check the level and order oil before temperatures drop.
The organisation say that people should seek support if needed throughout the winter.
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