The fuel poverty charity’s Oil Tracker, which tracks the real cost to consumers of filling a heating oil tank, found that 1,000 litres of oil now cost on average £937.16, compared to £480 in March last year.
More than 1.5 million households in the UK rely on heating oil to heat their homes, the majority of which are in rural locations and don’t have access to the main gas network.
Unlike electricity and mains gas supply, which are regulated and offer consumers a level of price and supply protection, the solid fuel market is currently unregulated, leaving consumers exposed to higher fuel costs, with oil prices fluctuating daily.
Matthew Cole, head of the Fuel Bank Foundation, said the war in Ukraine and the rising oil and gas prices have pushed up heating oil costs for consumers to record levels.