Oil distribution trade association FPS (Federation of Petroleum Suppliers) say the price of heating oil has dropped to a ten year low for the 1.5m homes across the UK who currently use heating oil. Making it far cheaper than other forms of off grid energy like Electricity and LPG and even less than mains gas.
The latest official figures by Sutherland Tables, an independent provider of comparative home heating costs for the most common fuels in the UK and Republic of Ireland said to heat a 3-bedroom home in Great Britain using an oil fired condensing boiler was £793 per annum. This compares to a whopping £1,548 for an LPG condensing boiler and a staggering £1,600 per annum, for those unfortunate enough to use electricity to heat their home. Mains gas comes out at £1,038 per year. And with the price of oil dropping since these figures were released the annual cost of heating a home on oil will now be even less.
Chief Executive of the FPS Mark Askew says,“It is great news for off grid homeowners and just as we are entering a cold spell we are urging people to stock up now before the weather gets too bad and our members have difficulty with deliveries due to the road conditions. Homeowners are typically seeing savings of up to 50% than the same time last year and there are lots of ways people can help make more savings, from buying their oil in fewer purchases as the majority of the cost of heating oil is in the delivery costs so it makes sense to order a larger amount to purchasing oil in less busy periods i.e. when the weather is not bad. People should also speak to their local supplier about setting up a monthly budget account to help spread the cost of buying their oil. The FPS has a ‘Find My Distributor’ facility on the website oilsave.org.uk so people can check prices with their local suppliers, of which, in any one area there will be often be 4 or more heating oil distributors.”