Panic bought heating oil and lost over £300

[mydogisthebest]

Me and DH were getting panicked about oil prices going up and up. We were checking the prices every day and decided on 11th March to order 1,000 litres.

We weren't absolutely desperate but knew we needed some in the following couple of weeks.

The quote that day was £1,345.

The oil was delivered Monday 22nd March. I checked the prices and it was £996 for 1,000.

They sent their invoice yesterday and it was for £1,345. I spoke to them on the phone and they just said we have to pay the price we ordered at.

Thankfully we are not really really hard up but that is a lot of money to effectively lose

I guess I have learned a lesson in not to panic.

Lesson learned OP!

Yup, those on oil heating seem to be completely unprotected when it comes to pricing.

No one could accurately predict what would happen with oil prices. OPEC released some which stabilised things a little.
It could shoot back up again later.

It's a bit like fixing your mortgage rate. It's a gamble.

At least you have oil. Better than running it too low and knackering your boiler. Nothing to say that if you'd checked in a month's time you wouldn't be thinking 'good decision'

Yeah, it’s just shit luck.

I ordered in December and was cross about paying 61p/L.

But I balanced it in my mind by reasoning that I had paid 28p at the beginning of the pandemic and bought 1200L.

@LivingDeadGirlUK

Lesson learned OP!

Definitely. Usually DH is always the one saying to wait and not panic but even he was slightly panicked.

I am just looking at it that we have oil for the next 6 months or so and, thankfully, we didn't pay more and trying not to think of all the things we could have done with that money. Also thankful that we are not really hard up and watching every penny. I know for some people just could not afford to lose that money

It could have gone even higher OP. If you were ‘happy’ to pay that price when you ordered then that’s all that matters.

@SockFluffInTheBath

It could have gone even higher OP. If you were ‘happy’ to pay that price when you ordered then that’s all that matters.

We certainly were not happy to pay that price but as we thought it would go up more and we needed oil in the not too distant future, we didn't have much choice

It's pretty hard for many that there is no protection or price cap on domestic heating oil.
No-one who had gas would choose to use oil.

Rock and hard place, isn't it. Have a comforting pat on the hand.

You have protected yourself though against price spikes while you have that oil though.

I have learned the hard way never, ever to check the price of something after you’ve bought it. Like flights, holidays, ebay auctions…..just don’t do it!