Here’s what you need to know about the record-breaking heating oil price: With the price so high, should homeowners order now?

In mid-June, homeowners in the Zurich area paid 3090 francs for 3000 liters, or – as usually calculated – 103 francs for 100 litres. In mid-August they had to pay about 10 francs more per 100 liters. Since then, the price of heating oil has increased significantly again. The cost of a full tank of 124 francs per 100 liters is 3,720 francs. This means that filling a tank becomes 630 francs more expensive in three months. The trend continues to rise. Important: Prices can vary significantly depending on the provider and region.

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Filling levels for customers of Tanner Oel, headquartered in Gachnang TG, are relatively high in long-term comparison, says managing director Christophe Schifferle. “This is also due to the mild winter last year when consumption was very low.” This also applies to hot summer and the beginning of autumn. The situation is similar at Oel-Hauser, based in Wädenswil ZH: “As of the end of August, our customers’ warehouses were 53.5 percent full. This means that the level is slightly higher than in previous years,” says sales manager Slavisa Lazic (45).

NO. Tanner Oel and Oel-Hauser are currently receiving relatively few orders. Some customers have refilled the tank in the spring or summer. Now high prices scare customers. When purchasing heating oil, price is much more important than time of year. “Depending on the size of the tank, households have enough reserves that they can wait 1.5 years before ordering and hope that prices will drop,” says Lazic.

Schifferle and Lazic hold back on recommendations. But two experts see a number of reasons why prices will continue to rise in the coming months. Many refineries have reduced their production as they carry out maintenance work. Additionally, freight costs on the Rhine are now more than three times lower than in July. “These costs are likely to rise again in the coming weeks and months,” says Schifferle. Starting next year, higher VAT will be added to the price. If you still need something for the winter, you probably can’t go wrong with an order right now, despite the high price.

OPEC, the Organization of the Petroleum Exporting Countries, significantly reduced production volumes again in July. Global oil supply has fallen 5 percent since the beginning of the year. At the same time, global oil consumption increased by 2 percent compared to the previous year. An additional 2.2 million barrels of oil (159 liters each) are consumed per day. “The main reason for this is China’s high demand for air traffic and petrochemicals,” says Lazic. Petrochemicals involves the production of everyday products such as petroleum-based plastics or plasticizers.