The trade association for the oil distribution industry in the UK and Republic of Ireland FPS (Federation of Petroleum Suppliers) is urging consumers to buy their oil for home heating now, after the latest independent figures reveal a further big drop in oil prices over the last quarter.
The cost of oil has fallen for the fourth successive quarter, according to the latest data released by the Sutherland Tables, provider of comparative home heating costs for the most common fuels in the UK and Republic of Ireland.
“This really is fantastic news for those living in the 1.5 million UK homes using oil heating, as they are once again the clear winners when it comes to home energy. says Mark Askew, Chief Executive of FPS.
“Oil prices have tumbled once more, making oil heating the cheapest form of home heating regardless of location, type of property and whether you use a conventional or condensing boiler. The average cost to heat a 3 bedroom home in England and Wales using an oil condensing boiler is £857 per annum compared to £1556 for an LPG condensing boiler. It is even cheaper than mains gas too which comes out at £1069 per year and if you use Electricity to heat your home the average cost for a 3 bedroomed house in England & Wales is £1491 so those on oil heating are the clear winners in the energy market yet again and these latest reductions show just how quickly reducing fuel costs are passed onto end users
“To maximise on savings, we’re encouraging consumers to buy their oil heating supplies for the winter while the sun shines and both prices and demand are low.”
Since July 2014, oil prices have fallen by approximately 34-35% for both existing and newer properties in the UK and by approximately 29% for dwellings in the Republic of Ireland.
Compared to the 4-year average, the cost of home heating using oil is now around 39-41% lower for all property types in the UK and around 27% lower for newer and existing buildings in the Republic of Ireland.
Mark Askew comments: “This latest drop in oil prices means that using an oil condensing boiler is now the cheapest way to heat the average 3-bedroom house – far cheaper than other off grid energy alternatives including electricity and LPG and cheaper than mains gas.
“This also means that now is the perfect time to buy oil. During the summer, deliveries of oil can be made without the threat of poor winter weather and when demand is lower. When the cold weather comes, there is a surge in demand which slows deliveries and pushes prices up.”
The FPS is also committed to helping people make the most of the heating system they have, so they can make the biggest energy savings.
“On top of the latest big drop in oil prices, making oil a great choice for off-grid homes, it is possible for consumers to making further savings through our website oilsave.org.uk,” adds Mark Askew.
“This site features many tips for cutting energy costs as well as advice for boosting the efficiency of existing heating systems. We really want consumers to make the most of oil being the cheapest home heating fuel – and ordering oil now as well as reading our online advice should help to do just this.”To find out more about the FPS, visit www.fpsonline.co.uk