With five of the big six energy suppliers announcing significant price increases to consumers, oil heated households will welcome news that they continue to enjoy the cheapest fuel bills of all the main heating systems, according to a new report*.
Despite an increase in cost over the winter, an average three bedroom household on oil is still paying just £952 a year to heat their home which was less than the same home on mains gas, even before the recent price rise announcements. Oil heating is also over £500 cheaper than the cost of LPG heating (£1,460), and nearly £700 less than electric storage heaters (£1,635) – the two main alternatives for rural heating.
In further good news, rural households on oil heating are expected to benefit from stable prices throughout 2017. By comparison, millions of consumers on electricity and mains gas have already seen fuel bills rise by as much as 15% with further increases possible as the big energy companies face rising costs.
Malcolm Farrow, from OFTEC, the UK trade body for oil heating, commented: “With so many consumers facing escalating energy bills following the biggest increase in tariffs for some since 2013, news that oil heating costs remain relatively low - and have even fallen since the New Year - is a welcome relief for oil using households.
“As the number of people struggling to meet their heating bills continues to rise, especially in rural areas, consumers using oil heating should find it easier to manage their bills.”
OFTEC is also reminding oil users to shop around when purchasing heating oil to maximise their savings.
Malcolm added: “Last year saw a big increase in the number of people switching energy supplier to reduce their fuel bills. Households on oil can also benefit from shopping around and comparing quotes by making simple telephone calls which is much easier than changing energy providers. Just remember to always ensure you use a fuel distributor who is a member of the Federation of Petroleum Suppliers (FPS). All FPS members follow a code of practice and have a consumer charter for added consumer peace of mind.”
*Based on data reported by independent price analysts The Sutherland Tables.
Source: OFTEC, 22nd March, 2017.