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Thu, 10 Sep 2026

Thu, 10 Sep 2026 Buy now or wait and hope? Families face gamble on heating oil

The price of heating oil has almost doubled in 12 months following the conflict in the Middle East.
Heating oil prices have nearly doubled over the past year, leaving households who rely on it to heat their homes in a difficult situation. John Craggs, 73, from Wigtoft, near Boston, Lincolnshire, is monitoring prices closely as he needs to fill his tank ahead of winter. However, due to health problems and high costs, he and his wife Libby plan to limit their heating use this winter. About 1.5 million UK households use heating oil, typically in rural areas, but unlike gas and electricity customers, they are not covered by the energy price cap. They have to pay a lump sum in advance for their fuel, with domestic tanks holding between 1,000 and 2,000 litres. The average price of heating oil has risen by 85% since September, reaching 97.05p per litre on Wednesday. The government's £53m support package for low-income families who use heating oil may not be enough to help all those in need. National Energy Action is calling for the price cap to cover all forms of energy and for more funding to be allocated to help households. A Department of Energy Security and Net Zero spokesperson said the government will continue to look at ways to protect households from high energy prices.