What can influence the Heating Oil Industry in Ireland 

The price of oil is known to fluctuate from time to time, however at present it has fallen dramatically, which is good news for our customers as the price will remain low. At ValueOils.ie our suppliers will compete within the market to offer you the best price. We  will ensure that you are given the best deal possible price without the hassle of doing a price comparision yourself. So, let us do the hard work for you and simply give you a variety of suppliers ranging from the cheapest onwards. Always offering you, the customer the cheapest deal possible.

The fluctuation of prices can be influenced by a number of factors, such as: 

• International Factors
• National Factors
• Regional Factors 

ValueOils.ie always offer the best price which is why you have came to right place. 

So, when is the best time buy heating oil? There is no definate answer to that question, as we cannot predict geopolitical issues which may impact upon the price of oil. However, as present the price of home heating oil in Ireland is at a low rate, so now is a great time to place your order. 

Price of Heating Oil in each County

There may be a difference in price depending on your location within Ireland. To give you are general idea of the movements of the heating oil prices per county, please use the graph below. 

You can compare your county to the overall average price in the whole of Ireland or specific counties within Ireland. Just follow these simple steps:

• Tick the counties you would like to compare  
• Select the timeframe from the drop down list
• Click Apply 

The graph will automatically generate and display the graph. 

*The price within this graph are in €'s for 1000Ltres including VAT at 5%.

 

The Price of Heating Oil in Ireland

The factors effecting the price of heating oil?

At ValueOils.ie we like to monitor the factors that may have an effect on our prices which then impacts on you, our customer. The following is a number of reasons why the cost of home heating oil may fluctuate from time to time. These should be taken into consideration when you are placing your next order.

Season

The seasons of course play a huge factor in the price of home heating oil. In the winter months home heating oil is at high demand in comparision to summer months. You will find the price at a lower rate in the summer months rather than the winter, the reason being is higher demand across Europe & North America. Therefore, the summer months is an ideal time to place your order in preperation for the winter. 

Weather

Naturally when the weather is quite bad the need for home heating increases and people leave their heating on for longer. If the weather is bad you can expect the heating prices to rise slightly. If there is nonseasonal or freak weather there may be a fluctuation of costs. This will only last for the period of time when the weather is unfortunate.

Supply

The supply of home heating oil can influence the price, falling into the follow three categories: 

1. Global

The global supply of kerosene and the price of crude oil will impact on the price of heating oil. If there is a global production decrease or shortage in supply and the level of demand remains consistent, the price in the UK is likely to increase, while the reverse is also true.
Geopolitical factors and civil unrest in OPEC countries (or neighbouring countries) in the Middle East, Southeast Asia, North and West Africa, and South America, can often lead to concerns over supply and result in price increases. The same could also be said for other large producers including the USA and Russia. Decreases also follow when political circumstances settle down and production resumes. Recent examples include Libya and previously the war in Iraq which both witnessed oil prices spike and drop.

2. National

The national supply and demand for kerosene will impact the price. If there is a regional issue hindering supply e.g. weather conditions, the price can temporarily rise, this issue is particularly prevalent in Northern Ireland where oil is shipped in and storms can prevent the large oil tankers from docking.  At a local level, the price can vary depending upon the number of suppliers concentrated in the area and their access to wholesale stock or indeed how effectively they purchase their fuel oil on contract. In addition, kerosene which is used widely in the ROI for heating oil, is also virtually the same product used to fuel aircraft. Therefore, if the air travel industry is buoyant, demand for kerosene remains high. Similarly, kerosene is used in producing ultra-low sulphur diesel and again when demand for ULSD is high, this impacts on kerosene demand.

3. Local

Local supply prices are very interesting and will generally vary depending on where a supplier is located in relation to a refinery or major storage facilities. The cost of product collection either ex-rack from the terminal or in haulage to the supplier’s depot for storage and then the cost of delivery to your home will impact upon the price paid. Rural areas can often be slightly more expensive for fuel than urban areas, but not always. The high cost of road diesel can impact upon the delivered price of fuel. Local supplier competition is always fiercest during the summer months when local demand collapses due to warm weather. This can be an ideal time to buy and to stock up for winter. Indeed, some more inaccessible places such as the Highland of Scotland can only receive deliveries during non-winter months and must buy fuel during summer. During the wet and stormy but relatively mild winter of 2014/15 and 2015/16, prices actually fell in the ROI. The fierce competition between local Northern Ireland Oil suppliers actually drove end user prices lower than usual as they battled for market share. Similar local competition impacted the South East of England and the Midlands.

Currency Exchange Rates

As oil is traded in US Dollars, the exchange rate between US$ and ROI€ can have a huge bearing on the final price that we pay locally in the ROI. If the ROI€ strengthens against the US$, generally oil becomes cheaper and the reverse is also true. As currencies are impacted by world economic and political events, data and news around the world quickly feeds into exchange rates and immediately impacts the price of oil and other commodities.

Supplier Stock Levels

World oil market prices fluctuate throughout each day. The price which a supplier is charging may change due to their purchasing contracts, current stock in tanks, the price change on a given day and outstanding order commitments. These factors all impact the selling price that a local supplier can offer to customers. However, given the considerably high price of stockpiling fuel, local suppliers are no longer keen to hold large stocks due to cash flow implications and price volatility

Order Quantity

In many parts of the ROI, the quantity of fuel that you order for your oil tank will influence the pence per litre rate which you will pay. If a supplier is able to deliver a larger volume to your tank, typically the cost of delivery will be less. In various regions of Ireland, many oil suppliers have now reduced the minimum delivery quantity to 300 litres. This is possible due to new electronic metering systems on modern road tankers.

Heating oil users across the ROI find our regional price trend guide convenient for gauging the average price trends of heating oil throughout the year. We continue to monitor the average cost of 1000 litres each month and hopefully this will assist you in determining the right time to buy your fuel. You can also check out our blog and see the factors to consider when purchasing your oil in greater detail. Don't forget, having your boiler regularly serviced or using a fuel additive to ensure more efficient combustion in your boiler can also save you money on your fuel bills.

*Please note: All heating oil graphs are for indicative use only and intend to demonstrate price movement up or down in the regions shown. ValueOills.ie Ltd accepts no liability as to the accuracy of the above information; it is intended for illustrative purposes only.