The impulse dielectric behaviour of insulating liquids is of significant interest for researchers and engineers working in the field of design, construction and operation of pulsed power systems. Analysis of the literature data on transformer oils shows that potentially there are several different physical processes which could be responsible for dielectric breakdown by sub-microsecond and microsecond impulses. While for short, sub-microsecond impulses ionisation (plasma streamer) is likely to be the main breakdown mechanism, for longer impulses, thermal effects associated with Joule heating start to play an important role. The present paper is provides a theoretical analysis of the latter mechanism in dielectric liquids of different degree...