Rural Action Derbyshire is warning that the fastmoving crisis in the Middle East is now pushing domestic heating oil prices to extreme levels. Disruption to shipping through the Strait of Hormuz, where traffic has fallen by more than 80 percent following military escalation and attacks on tankers, is severely affecting global supply routes and contributing to sharp price increases.
Many rural households in Derbyshire who rely on heating oil have seen the cost of 500 litres rise from around £300 to £700-£800 in a week, with some online suppliers unable to provide prices at all. Peak Energy, the supplier for RAD’s Oil Buying Scheme, is maintaining deliveries, but has had to temporarily limit orders to 500 litres due to volatility and high demand. Panic buying is adding further pressure to the market, locally and beyond.
Consumer champion Martin Lewis has also publicly raised concerns on social media, highlighting that the domestic heating oil market is unregulated and leaves rural households exposed during price shocks, calling the current situation “terrible” and warning that those in rural areas are particularly vulnerable.
Emma Simpson, CEO, Rural Action Derbyshire says, “People who rely on heating oil are facing a sudden and frightening surge in cost. We know that many rural households already struggle to make ends meet, so seeing prices double almost overnight is deeply worrying. We may be heading into spring, but anyone running low on oil right now doesn’t have the luxury of waiting for prices to fall. For some, the decision to order or not will come down to whether they can realistically afford it, and that is a really hard position to be in.”
Rural Action Derbyshire urges residents not to panic buy. The price will go back down, so if you don’t need it now, sit tight and wait for the price drop.
The charity ‘s Oil Buying Scheme is still able to help people access a competitive rate. While prices remain volatile, the scheme should still offer households a better deal than sourcing oil alone. Currently online prices for 500 litres are as much as £865, whilst the RAD members price with Peak Energy is £680.
For support or advice, call 01629 592970 or visit www.ruralactionderbyshire.org.uk/oil.
