I’ve recently received a great deal of correspondence regarding the huge increase in the price of heating oil in recent weeks following the war in Iran and the closure of the Strait of Hormuz.
I recently met with Tim Buckman, CEO of BoilerJuice who are one of the UK’s largest brokers for heating oil, based here in St Ives.
The price of heating oil has doubled in recent weeks because of the pressure on fuel supplies transiting through the Strait of Hormuz following its closure by the Islamic Republic of Iran.
You may have recently seen concerns raised about jet fuel and worries that shortages this summer may lead to flight cancellations and a potential impact on summer holidays. The price of aviation fuel directly affects the heating oil market as both are kerosene based. This impacts on aviation fuel have a knock-on effect.
The Government is conducting its heating oil market review , but this cannot improve supply, which is the driving factor. With warmer weather now here the advice is to avoid large orders if you can and see if it’s possible to get through this period.
If you are struggling with costs you may be eligible for a grant from the Crisis and Resilience Fund. That can be accessed here:
https://www.cambscf.org.uk/funds/crisis-resilience/
I will continue to ask questions of DESNZ and liaise with companies to see how and when pressures in the system will ease
