Rhode Island Heating Oil Prices Surge Nearly 25% in Two Weeks

Rhode Island homeowners are feeling the pinch as heating oil prices have skyrocketed to their highest levels in months. According to data tracked by RI Oil Prices, the average price per gallon has jumped from $3.02 on January 19th to $3.73 on February 3rd—a staggering 71-cent increase (23.5%) in just two weeks.

When Did the Price Surge Begin?

Our price tracking data shows a clear inflection point around January 20-21, 2026. After months of relative stability with prices hovering between $3.01 and $3.10 per gallon throughout most of January, prices suddenly began climbing rapidly:

• January 19: $3.02/gallon

• January 21: $3.12/gallon (+$0.10)

• January 22: $3.22/gallon (+$0.10)

• January 27: $3.45/gallon

• January 28: $3.55/gallon

• January 31: $3.68/gallon

• February 3: $3.73/gallon

The acceleration is remarkable—prices increased by more than 10 cents per gallon on multiple single days, something we rarely see under normal market conditions.

The Cold Weather Factor

The primary driver behind this dramatic price increase has been the prolonged cold snap that has gripped Rhode Island and much of the Northeast since mid-January. When temperatures plunge, demand for heating oil spikes as homeowners crank up their furnaces to stay warm.

But it's not just increased demand pushing prices higher. The bitter cold has created significant delivery challenges for heating oil companies across the state. Frozen equipment, hazardous road conditions, and overwhelmed delivery schedules have led to supply bottlenecks that further tighten the market.

Many dealers have reported being booked days in advance, with some customers waiting longer than usual for their deliveries. This supply crunch, combined with surging demand, has created the perfect conditions for rapid price increases.

What This Means for Rhode Island Homeowners

For a typical 150-gallon fill-up, the price increase translates to an additional $106.50 compared to just two weeks ago. For homeowners who heat exclusively with oil and may need multiple fills throughout the winter, this represents a significant budget impact.

Our data shows this is the highest pricing we've recorded since tracking began in late October 2025, when prices started at around $3.08-$3.11 per gallon. Even during the brief spike in late November when prices touched $3.24, they quickly retreated. This current surge shows no immediate signs of reversing.

Looking Ahead

While predicting oil prices is always uncertain, homeowners should be prepared for prices to remain elevated as long as cold weather persists. Historical patterns suggest prices typically moderate as we move into spring, but February and early March are often the coldest months in Rhode Island.

We encourage all Rhode Islanders to compare prices from multiple dealers before ordering—even in a tight market, price differences between suppliers can be significant. Use our free comparison tool at RIOilPrices.com to find the best deal in your area and save money on your next delivery.

Data source: RI Oil Prices daily average tracking across Rhode Island heating oil dealers.