According to the Sutherland Tables, a recognised independent source of data on comparative UK domestic heating prices, the current average annual cost of using oil to heat a three bedroom home in Great Britain is now 11.6% lower than the average cost recorded over the past four years.
Oil remains considerably cheaper than other fuels used by off gas grid homes, currently 40% less expensive than LPG and 26% cheaper than electricity.
The cost difference between oil and mains gas has also narrowed significantly throughout the last year with oil now just 2% more expensive than gas, equating to around £25 per year. Should this trend continue – as predicted by a recent DECC report on future fossil fuel prices – it is likely that oil will become cheaper than mains gas in the near future.
Jeremy Hawksley, director general of OFTEC, said: “Although the economy is undoubtedly improving, energy prices remain a concern for consumers. This is underlined by the results of a poll conducted recently by Co-operative Energy which found that almost half of respondents were more worried about being able to afford their winter energy bills this year than they were in 2013.
“With this in mind, these latest figures should provide much comfort to off-gas grid households using oil who can be assured they are choosing the least expensive fuel option. In fact heating oil is the only fuel to have fallen in price over the past three years.”