TDespite the currently high prices for heating oil, consumers should fill up their supplies in these weeks, advises the regional energy trader association VEH Südwest-Mitte. “You should already be thinking about winter,” said the association’s managing director, Hans-Jürgen Funke, on Thursday. Waiting won’t do anything: He assumes that the price of oil, currently around 1.50 euros per liter, will not fall in the foreseeable future. At the same time, he emphasized that sufficient heating oil was available.
More than every third apartment in Hesse is heated with heating oil. The fossil fuel is thus the second most important fuel after natural gas, which is required for heating 42 percent of homes. According to the association, there are almost half a million oil heaters in apartments and houses in Hesse.
Rising demand, rising prices
With the beginning of the Ukraine war, the price of fuel increased significantly. While it was around 75 cents per liter for a long time in 2021, the same amount sometimes cost more than two euros in March. Since then, retail prices have fallen again somewhat, but they are still well above the pre-war level.
While his managing director Funke does not believe in price reductions, the association’s chairman Thomas Rundel even assumes that heating oil will cost even more in September. “After the summer holidays, all those who have not yet done so want to stock up on heating oil for the winter.” This increasing demand will have an impact on prices. Energy traders are advising consumers to purchase certain quantities of heating oil now. “It is unrealistic to wait for the price to drop below one euro again,” said Funke. One option could be to at least partially fill the tank. If it does become cheaper, there would still be room to buy more. And if it were more expensive later, the consumer would have used the current prices for himself.
The dealers contradicted fears that an embargo on Russian imports could lead to a shortage of heating oil or that it would run out. “The supply is secured,” there is no risk that consumers will not be able to get fuel next winter. At what price it can be delivered is another question.
The association representatives also countered claims that there was a threat of a general ban on oil heating from 2026. Old oil heaters in Hessian houses were also allowed afterwards, it said. By 2026, oil heaters that are newly installed but can partially use renewable energies will have to go through hybrid systems. However, the dealer association recommends that consumers with older heaters think about replacing or modernizing them. Replacing the boiler can save up to 30 percent energy. New condensing boilers are currently also available.
