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Home Business

Oil theft warning for homeowners as prices soar

Phil Creighton by Phil Creighton
Tuesday, April 12, 2022 6:01 am
in Business, Crime, Featured, Reading
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THIEVES are targeting oil storage tanks as the cost of home fuel rises.

Rural residents are being urged to check their security to protect their own supplies.

William Nicholl, client director at rural insurance broker Lycetts, said people are stockpiling oil supplies before the sanctions imposed on Russia cause even greater price increases.

“Storage tanks can contain hundreds – and sometimes thousands – of pounds of oil, so they are an obvious target,” he said. “In recent weeks there have been a number of nationwide thefts by organised gangs who have siphoned-off oil.

“This is no hi-tech, difficult to organise crime – a 1,000 litre tank can be drained within minutes.”

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Farmers and those living in more isolated areas tend to store large amounts, making them particularly vulnerable.

“Many tanks look unattractive and owners often position them out of sight of the home,” Mr Nicholl said. “The problem with this is that they locate them in areas of the property that make it easier for thieves to act unobserved.”

He said lighting and CCTV can help, while secure cages and stronger materials that are harder to drill through can be used. And technology means alerts can be set up if there is a sudden drop in oil levels.

“Home insurance does not always cover theft or damage to oil tanks, so it is important that property owners seek advice from an insurance broker to check adequate cover is in place,” Mr Nicholls added.

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