Buy now or wait and hope? Families face gamble on heating oil

Buy now or wait and hope? Families face a gamble on heating oil

John Craggs, 73, from Wigtoft, near Boston, checks how much heating oil is left in his tank

As summer comes to an end, families that depend on fuel oil to heat their homes are confronting a difficult choice.

Prices have nearly doubled over the past year, after conflict broke out between the US and Iran.

That has left people asking whether to buy now for the winter or delay in the hope that prices will drop — with the danger that they could climb again.

John Craggs, 73, from Wigtoft, near Boston, Lincolnshire, needs to top up his tank before winter.

"Over the next few weeks I'll be monitoring the price to see if it goes down a little bit and then order the oil," he says.

But whichever option they choose, he and his wife Libby, 80, plan to cut back on heating this winter because of the expense.

"We've both had health problems over the last few years and we should be keeping warm but its just too expensive," John Craggs adds.

"We will only have the heating on up to about 17 degrees in three of the rooms in the house, between about 3pm and 8pm, just to keep the cost down to be able to afford it."

John and Libby Craggs say they are not eligible for support for the cost of the oil

Around 1.5 million UK households use heating oil, usually in rural areas. That includes more than 40% of homes in some parts of Lincolnshire, including Wainfleet All Saints, Wragby, Roughton and Ludford, according to Census data.

Unlike gas and electricity customers, they are not protected by the energy price cap, leaving them more vulnerable to sudden rises. They also must pay for their fuel in a lump sum upfront, with domestic tanks generally holding between 1,000 and 2,000 litres.

On Wednesday, the average price was 97.05p per litre, according to the comparison website boilerjuice.com

That is 85% higher than on 9 September 2025, when it was 52.8p, and although it has fallen sharply from a peak of 134p in March, prices have been rising again in recent weeks after renewed fighting between the US and Iran

That means a household filling a 1,000-litre tank could face a bill of more than £970.

In March, the government announced a support package worth £53m

The money is handed out by local authorities, which decide their own eligibility rules.

John Craggs says he asked about assistance, but discovered he did not qualify.

The charity National Energy Action wants the price cap that applies to gas and electricity extended to cover all forms of energy, including heating oil.

It is also urging the government to offer more help to households.

Matt Copeland, the group's interim director of policy, said: "I don't think the level of support really anticipated the length of time these high prices would go on for. It's really important that the government does look at that again in the budget and allocates more funding to help people to afford their heating.

"The government should also look at widening the criteria so the low-income households outside of the benefit system who are really struggling to afford their energy bills can access the support that they need."

A spokesperson for the Department of Energy Security and Net Zero said: "Energy is an everyday essential and needs to be affordable for everyone, which is why we have cut VAT on electricity bills to give families breathing space.

"This follows taking £150 in costs off bills earlier this year, and we will keep looking at what more we can do to protect households."