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Oil prices fall again

According to the latest industry figures heating oil prices have fallen further, with oil now 13% cheaper than mains gas to heat the average home.

According to the latest industry figures heating oil prices have fallen further, with oil now 13% cheaper than mains gas to heat the average home.

The Sutherland Tables, a recognised independent source of data on comparative UK domestic heating prices, shows that oil is now by far the cheapest of all the major heating fuels, costing just £930 a year to heat an average three bedroom home in Great Britain. This compares to an annual heating bill of £1072 for the same home on mains gas, the second cheapest option.

Comparing the equivalent heating costs for LPG and electric storage heaters – the other main heating methods used by off gas grid households – and oil remains vastly cheaper, currently coming in at 42.5% less expensive than LPG and 42% cheaper than electricity.

Most experts agree that oil prices will remain low for some time. Sales of oil condensing boilers were up by 7% in the first quarter of this year compared to 2014.

OFTEC director general, Jeremy Hawksley (pictured), said: '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.'

He added: '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.'

11 June 2015

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