Energy prices: Heating oil prices are falling: refuel now or is it better to wait?

In addition to gas, heating oil is more expensive than ever. But the price has been falling for some time – is now the time to refill?

The war in Ukraine and the resulting gas conflict with Russia continue to influence the consumer prices in Germany. On average, citizens have to dig deeper into their pockets for energy sources such as heating oil or gas, but also for food. This is also reflected in the current inflation rate of 10.4 percent. The price increases for energy products are still the main reason for the high inflation rate, explains Georg Thiel, President of the Federal Statistical Office (Destatis) in a statement from the authority.

Heating oil prices are falling: refill now or is it better to wait? Those are the facts

But at least for the moment the situation has calmed down a bit. The current gas price as of November 22 is 19 cents per kilowatt hour (kWh) – just like the days before. And the price of heating oil in Germany is also falling and has leveled off at around 1.30 euros per liter.

Currently (November 22) the liter of heating oil costs according to “Total Energies” 1.33 euros per liter – the comparison portals “Tucson” and “esyoil” are even cheaper heating oil prices on. Is now the time to fill up the heating oil tank again?

The recent past has shown that energy prices in Germany can change quickly from one day to the next. The big question – whether you can heating oil tank should now fill it up again – can therefore only be answered with maybe. Because in addition to possible price changes, one should also consider that the price of around 1.30 euros per liter is still expensive compared to previous years. In March 2020, for example, you only had to pay an average of 50 cents for a liter of heating oil. How the price of heating oil reports “esyoil” has developed according to since January:

Date 2022 Heating oil prices per liter

15. January

0.87 euros

February 15

0.94 euros

March, 15

1.69 euros

April 15th

1.30 euros

May 15th

1.30 euros

15th June

1.47 euros

15th of July

1.52 euros

15th of August

1.53 euros

September 15th

1.52 euros

15th October

1.68 euros

15th of November

1.37 euros

Order heating oil now or wait? Industry experts give tips for those who are undecided

The table clearly shows how the heating oil price increased over the course of the year and had peaked at around EUR 1.68 per liter in October 2022. It is difficult to predict whether the price level will continue from the current level of around 1.30 euros or even fall further – factors such as the further course of the war in Ukraine or the development of the energy supply as a whole in Germany play a major role. In addition, many citizens have filled their tanks before the heating season and the need in many households is satisfied.

Whether to refuel now or wait a little longer is a decision that every heating oil customer has to make for themselves. The industry experts from “esyoil” recommend those who are still undecided to look at the price development on heating oil market closely – in order to secure a delivery of heating oil at an even more favorable moment. One advantage can be that, as a consumer, you always pay the heating oil price on the day of purchase – even if the price on the day of delivery is completely different.

Heating oil prices are falling – but for the long term? How experts are currently assessing the energy crisis

When heating oil are formed price predictions difficult – more precise statements are already given here with the gas. Experts assume that the price of gas will soon become more expensive again after it had recently fallen. The “favorable factors” that have favored the recent fall in gas prices are cited as the reason for this.

These include the full gas storage tanks, the incoming liquid gas ships and the mild weather in October. But natural gas will remain a scarce energy source, even with a view to the coming months and years, says Ludwig Möhring Federal Association of Natural Gas, Oil and Geoenergy eV (BVEG) in conversation with the “Picture”.

“The gas crisis will accompany us for many years,” says Möhring. There is no all-clear for either 2022 or 2023 – and what applies to gas could also affect the prices for heating oil and other energy sources such as pellets or firewood. In this respect, it is questionable whether, in the ongoing energy and price crisis worldwide, one can still find a bargain when buying energy products can make. But still: The gas price brake worked out by the traffic light coalition should apply retrospectively from January and relieve consumers and the economy.

Heating oil prices are now cheaper: save even more with two clever tips when ordering

And also heating oil customers can save a cent or two when delivering heating oil with a few simple tricks. For example, those who order their heating oil together with the neighborhood can benefit from a volume discount from some suppliers. How to find the cheapest dealer for heating oil in the area is summarized in a separate service article on purchasing heating oil. Irrespective of this, experts warn against putting the order on the back burner. If you have little or no heating oil in your tank, you should order a certain amount, also with a view to possible longer delivery times.

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