January cheer as oil prices fall to 10 year low

The Federation of Petroleum Suppliers (FPS) says 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 such as electricity and LPG and even mains gas.

The latest official figures by Sutherland Tables said to heat a 3-bedroom home in Great Britain using an oil condensing boiler was £793 per annum compared to £1548 for an LPG condensing boiler and £1600 for  electricity.  Mains gas comes out at £1038 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, comments: “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, so it makes sense to order a larger amount and purchasing oil in less busy periods, i.e. when the weather is not bad.”

The FPS has a ‘Find My Distributor’ facility on the website so people can check prices with their local suppliers.