Heating fuel demand skyrockets 185%, costlier power a factor

Heating fuel demand skyrocketed 185 percent in October compared to the equivalent month last year, despite higher price levels, 45 percent over prices registered a year ago, a trend that has been attributed to three main factors.

Firstly, households have been encouraged to use their oil-based heating systems by a broader subsidy support package introduced for this winter, expected to benefit one million households with amounts ranging from 100 to 750 euros. Last winter, approximately 700,000 households were eligible for heating fuel subsidies.

Secondly, households are placing heating fuel orders now fearing further price rises could lie ahead.

Thirdly, the sharp increase in electricity costs brought about by the energy crisis has prompted consumers to put aside electric heaters and return to oil-heated radiators, which, in many cases, had been left unused for some years.