Heating oil price in the United States has peaked in winter 2022/23 at 4.31 U.S. dollars per gallon and has decreased ever since. Heating oil is a liquid petroleum product that is, among other things, used in residential buildings as a fuel oil in furnaces or boilers. Chemically, most heating oils are similar to motor diesel fuels and are often sold interchangeably. Forecast heating price in the U.S. The average price of heating oil in the United States in the winter of 2024/25 is expected to reach 3.44 U.S. dollars per gallon. Energy prices are projected to see a decrease this winter, because of increased production of heating fuels. The number of heating degree days, which are the days in which the average temperature is below 18 degrees Celsius (65 degrees Fahrenheit), also helps quantify the energy demand required to heat a building. What determines heating oil price? Generally, heating oil prices are collected during the heating season between October and March. In the U.S., the greatest determining factor for heating oil prices is the WTI crude oil price. Consumers can lower heating oil bills by considering when they purchase, reducing consumption, and through government assistance programs.

Heating Oil decreased 0.05 USD/GAL or 2.13% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on March of 2025.

Denmark has one of the highest prices for heating oil in the world. In 2020, Danish households paid over 1,600 U.S. dollars per 1,000 liters of light fuel oil. This was more than double the cost of heating oil for households in neighboring Germany. Germany has some of the lowest light fuel oil prices in the world.

Graph and download economic data for No. 2 Heating Oil Prices: New York Harbor (DHOILNYH) from 1986-06-02 to 2025-03-17 about new york harbor, heating, New York, oil, commodities, and USA.

As of 2022, crude oil accounted for a 48 percent share of the price of one gallon of residential heating oil in the United States. By comparison, refinery costs accounted for 15 percent of the price of one gallon of residential heating oil.

The fuel oil prices in the USA reached 1047 USD/MT in December 2023. In December 2023, the priced of fuel oil in China settled at 758 USD/MT. In Germany, the fuel oil price reached 1237 USD/MT by the end of December 2023.

For the most part, the average price of light heating oil increased steadily since 2022, with a particularly significant price jump recorded in March 2022. As of December 2024, the average consumer price (incl. VAT) for a liter of light heating oil was around 95 euro cents.

Graph and download economic data for Producer Price Index by Commodity: Fuels and Related Products and Power: Home Heating Oil and Distillates (WPU057302) from Jan 1975 to Feb 2025 about heating, fuels, oil, commodities, housing, PPI, inflation, price index, indexes, price, and USA.

The Average Residential Retail Kerosene Prices dataset provides New York residents and businesses with objective information on average residential retail kerosene pricing in New York State and by region beginning September 4, 2000. Pricing data is obtained via surveys conducted by New York State Energy Research and Development Authority (NYSERDA) staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon.

The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset.

For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Kerosene Prices Dashboard: https://www.nyserda.ny.gov/researchers-and-policymakers/energy-prices/kerosene/average-kerosene-prices

The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram.

This statistic shows the change in the price of domestic heating oil per liter in selected countries for the period between June 2019 and June 2020. In June 2020, the domestic heating oil price in Germany was some 27.7 percent lower than in June 2019.

Domestic heating oil

The price of domestic heating oil per liter has decreased in many countries. In the United Kingdom, prices dropped by 24.8 percent, while in Canada, prices dropped by 25.5 percent. In the United States, winter heating oil prices increased from 2.06 U.S. dollars per gallon in 2015/2016 during the oil glut years, to 3.07 U.S. dollars per gallon in 2019/20. Domestic heating oil is used for the heating of domestic homes. It is a liquid petroleum product. It is often delivered to homes by a tank truck and stored in above-ground storage tanks. In the United States, this type of oil is known as No. 2 heating oil and prices are tracked by the Department of energy. However, in new single-family houses, use of heating oil in the U.S. is rather uncommon, accounting for less than 0.5 percent of the heating type share since 2013.

Households in Germany paid an average of 733.9 euros per thousand liters of heating oil in 2021. Between 2000 and 2021, heating oil prices in Germany fluctuated, peaking at 938.7 euros per thousand liters in 2012.

Residential heating in Germany

There are approximately 40 million households in Germany, with several heat sources available. As of 2020, heating oil represented a quarter of the household heating source in Germany. Although many of Germany’s homes are heated by oil, these systems can be decades old and are a major source of residential CO2 emissions. As a result, the German government has outlined plans to ban oil-fired heating systems by 2026. Natural gas is the most common household heat source in Germany, providing heat to half of Germany’s homes. Most of the energy consumed in residential buildings in Germany is from space heating, followed by water heating.

Heating in new homes in Germany

Due to the move away from heating oil, modern technologies are now used to heat new homes. In 2020, 35.5 percent of new homes in Germany were heated by electric heat pumps. The number of heat pumps in operation in Germany has been increasing steadily in recent years, and totaled 1.3 million in 2020. This was an increase of more than half a million when compared to 2013.

United States - Producer Price Index by Commodity: Fuels and Related Products and Power: Home Heating Oil and Distillates was 356.13700 Index 1982=100 in March of 2022, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Commodity: Fuels and Related Products and Power: Home Heating Oil and Distillates reached a record high of 414.00000 in July of 2008 and a record low of 28.70000 in April of 1975. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Commodity: Fuels and Related Products and Power: Home Heating Oil and Distillates - last updated from the United States Federal Reserve on March of 2025.

Rack Prices - Heating Fuel Prices by date

This statistic represents the average price of home heating oil in the Canadian region of Halifax between 1990 and 2011. Here, the price of home heating oil stood at around 56 Canadian cents per litre in 2000.

As of December 2024, the average consumer price of light heating oil in Germany was around 99.4 euro cents per liter. Prices fluctuated during the specified time period and were noticeably higher in 2022. Like fuel prices, heating oil prices are important cost factors for consumers.

Average price of heating oil in Great Britain presented a trend of growth, despite some oscillation. Between 2000 and 2020, figures more than doubled, with an increase of 347.6 euros per thousand liters and peaked at 877.5 euros per thousand liters in 2012. By 2020, the average price of heating oil in Great Britain amounted to 698.3 euros per thousand liters.

Heating oil prices in Ireland increased to 645.3 euros per thousand liters in 2021. This was 84 euros more than the previous year, but lower than households paid between 2005 and 2015.Heating oil prices across EuropeWhile Irish residents may be feeling the pinch of rising heating oil prices, prices there are far from the highest in Europe. Residents of the Netherlands could expect to pay 1,169 euros per thousand liters, while heating oil prices in Denmark were more than twice those in Ireland.Low carbon heating: moving beyond oilBurning fossil fuels is a carbon intensive mean of heating buildings, and some governments as well as lobby groups are looking for low carbon solutions for keeping warm during winter. The German Government, for example, has moved to ban the installation of new oil heaters as soon as 2026. The United Kingdom’s Renewable Heat Incentive (RHI) scheme has so far seen 1,947 oil burning units replaced with solar thermal systems and 9,694 oil burning units replaced with air source heat pumps.

Fuel Oil Market size was valued at USD 189.66 Billion in 2024 and is projected to reach USD 271.99 Billion by 2031, growing at a CAGR of 4.61% from 2024 to 2031.

The Fuel Oil Market is driven by several factors, including its widespread use in various industrial applications such as power generation, marine transportation, and industrial heating. In regions with colder climates, fuel oil remains a significant source of heating for residential and commercial buildings. Additionally, the availability and relatively lower cost of fuel oil compared to other fuels contribute to its continued use in certain sectors. However, the market faces challenges from the increasing adoption of cleaner energy sources, such as natural gas and renewable energy, and stringent environmental regulations aimed at reducing emissions.

Weekly, monthly, and annual data on crude oil, gasoline, diesel, propane, jet fuel, ethanol, and other liquid fuels. Domestic and international data on petroleum prices, crude reserves and production, refining and processing, imports/exports, stocks, and consumption/sales.

Chile Fuel Prices: Puerto Montt: Diesel Oil data was reported at 611.000 USD/l in May 2019. This records an increase from the previous number of 602.000 USD/l for Apr 2019. Chile Fuel Prices: Puerto Montt: Diesel Oil data is updated monthly, averaging 528.000 USD/l from Mar 2015 (Median) to May 2019, with 51 observations. The data reached an all-time high of 687.000 USD/l in Dec 2018 and a record low of 406.000 USD/l in Apr 2016. Chile Fuel Prices: Puerto Montt: Diesel Oil data remains active status in CEIC and is reported by National Commission of Energy. The data is categorized under Global Database’s Chile – Table CL.P007: Liquid Fuel Domestic Price: by City.