Why are oil prices increasing?
Oil prices have been increasing sharply on a global scale and may continue to rise over the next few weeks. The production of oil has been limited due to the decreased demand during the pandemic which has caused a knock-on effect.
As we are slowly heading out of the pandemic, the demand for oil is rising again. With a lack of exports and a high demand, supplies have been tightened which has led to a global shortage of base oils. During the winter period, the usual demand in January to February for heating oil has also distressed supply levels.
Just like any other company in the industry, we’ve had to raise our prices. Due to the scarcity of certain oils, further price increases are expected before they can stabilise again. However, at Online we have managed to secure an ongoing supply of our products and are continuing to do all we can to give you the best possible price on the market.