For the third quarter in succession the winners in the home energy market are the 1.5 million British homes using heating oil, according to data recently released by the trade association for the downstream oil distribution industry, the Federation of Petroleum Suppliers (FPS).
According to the latest figures released by the Sutherland Tables,an independent provider of comparative home heating costs for the most common fuels in the British Isles, the price of heating oil has continued to fall over the last quarter. The cost of home heating using oil is now cheaper than mains gas heating, irrespective of property or boiler type, as well as being massively cheaper in rural areas than liquefied petroleum gas (LPG).
Home heating costs using oil have now dipped well below the 4 year average with costs now sitting c.34%-36% lower than the 4 year average, for both existing and newer build dwellings.
“Yet again this is fantastic news for homeowners who use oil to heat their homes and it’s clear that they are making the biggest savings. The cost of using oil to heat an average 3-bed house in the UK whether new build or older using an oil condensing or oil conventional boiler is now cheaper than gas heating,” says Mark Askew, Chief Executive of the FPS. “We’re all delighted by the latest Sutherland Tables report as the data really highlights the fact all those who use oil for home heating are getting the best possible deal.
“Furthermore, the FPS constantly works to ensure people can make the most of their heating systems to keep costs to the absolute minimum. We provide a range of tips and advice for consumers through our Oil Save website to help homeowners maximise on the potential savings offered by the recent big reduction in oil prices. We have also written to the new Energy & Climate Change Secretary Amber Rudd, to ensure oil heating and tackling fuel poverty in off grid energy households is better recognised in policies under the new regime.”