Fuel tanks are now proving tempting targets for thieves, thanks to the high wholesale cost of oil.
Criminals are deliberately targeting the consumer oil market as rising prices cause an increasing number of homes to struggle with the cost of their heating bills, Abbey claimed today.
According to the financial firm, police forces from around the UK are reporting the "crime wave", with increasing numbers of burglars breaking into homes and stealing heating fuel from outside tanks. Moreover, Abbey said that around ten percent of home insurance policies currently on the market do not cover for these thefts.
The average heating bill for a three-bedroomed home was also found to top £1,000 per year, meaning that a theft of oil could prove expensive for many households - particularly if they found themselves underinsured.
Thierry Campet at Abbey explained: "As most tanks are kept outside of the home they can pose easy targets to thieves. Average oil prices have doubled since the start of the year and rising inflation has meant that many people can no longer afford the premium prices. This has helped the growth of a black market economy in domestic oil fuel."
"There are security precautions that can be taken to help prevent this type of crime, but it is imperative that homeowners not only pre-emptively protect their fuel, but also have adequate insurance so that they do not find themselves footing the bill if the oil does get stolen".
The UK domestic oil market is worth around £1.5 billion a year.
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