Experts advise
Oil heating: fill up before New Year's Eve and save
12/04/2024Reading time: 2 minutes
The price of heating oil is currently rising slightly again, but owners of oil heating systems should quickly fill the tank completely. These are the reasons.
Most owners of oil heating systems filled the heating oil tank several months ago. Nevertheless, experts advise that they should now step up their game again. And for several reasons.
The price of heating oil is currently still moderate compared to last year. But the situation on the oil market is slowly getting worse: conflicts in the Middle East and possible sanctions are leading to an increase in the price of crude oil and, as a result, also of heating oil.
However, these are not the only reasons why you should fill your heating oil tank again before the new year: a higher CO2 tax applies from January 1st. This in turn causes the price of heating oil to rise. Although only 3 cents per liter, for a 3,000 liter order this represents a price increase of 90 euros, explain the experts at Tecson, manufacturer of tank content measuring systems. So if you order now, you could avoid the additional costs. But be careful: Many retailers have already exhausted their delivery capacities for December, so orders can only be scheduled for January.
The average heating oil price is currently 97.1 cents/liter, just below the 100-day average. Heating oil is therefore 0.3 cents/liter more expensive than on Tuesday – but 10.3 percent cheaper than a year ago. The liter cost 108.3 cents.
Thomas Petersen, market observer at Tecson, and other experts assume that OPEC+'s planned production increase will be postponed again due to weak demand – possibly by a whole quarter. At the same time, prices remain under pressure due to the increased risk premiums on the oil market.
