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Posted: 23/06/2015

Stop burning money

Its official - Independent figures now show Heating Oil is the cheapest of all major heating fuels.

According to a recent article published in the industry news journal Fuel Oil News, heating oil is now by far the cheapest of all the four major heating fuels. Oil heating for the average three bedroom house in the UK now costs just £930 according to Sutherland Tables, the recognised independent source of data on comparative domestic heating prices in the UK. This makes oil pounds cheaper than mains gas, the second cheapest option with an annual average heating bill of £1069.

When oil is compared with the other main heating methods used by rural homes, called off grid because they are not connected to the gas pipeline network, the savings are even greater. Oil is over 40% cheaper than LPG (Liquid Petroleum Gas) and 42% cheaper than electricity.

Most experts agree that oil prices will remain low with Jeremy Hawksley, director general of OFTEC, saying:

“Oil prices have now fallen to their lowest point since autumn 2009 and are currently over £500 cheaper than when prices peaked in the early summer of 2013.

This is great news for the industry and the UK’s 1.5 million oil using households.

With prices forecast to remain low for the foreseeable future, we anticipate many households currently using LPG and electricity will consider a switch to oil. Making the change could save LPG users around £700 per year – or over £1,000 if their boiler is a standard efficiency model. Even allowing for the cost of a new oil boiler and tank, the move would provide considerable savings over the lifespan of the installation.

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