Following the announcement of the leave result in the EU referendum, the Federation of Petroleum Suppliers (FPS), the trade association for the heating oil & fuel distribution industry says they will be keeping members regularly updated on issues that may affect members and their business.
FPS Chief Executive Mark Askew comments: “We will be speaking to the Government and will be putting pressure on the Energy Minister to keep heating oil and fuel distribution at the top of the agenda and will be pushing for the scrapping of the 5% VAT on domestic fuel. We will also be continuing our campaign to promote heating oil as the best option for off grid users. Heating oil is the cheapest form of energy for the past 12 months as confirmed by the most recent energy comparison report produced by independent provider of comparative home heating costs, Sutherland Tables, who has confirmed that oil has been the cheapest fuel for home heating for the past 12 months.”
The latest figures show that heating a typical three-bedroom home on oil in England, Wales, using a condensing boiler is now just £690 per annum. Even with a conventional boiler, that’s nearly half the cost of the nearest alternative. If you use LPG the average cost is £1448 per annum, electricity is £1588 per annum and traditional gas heating £1007 per annum. This means that an oil condensing boiler is also substantially cheaper to run than any renewable heating option with wood pellets costing £1388 per annum and air source heat pump radiators £1447 per annum.
The figures for Northern Ireland are: an oil condensing boiler is now just £605 per annum. If you use a LPG condensing boiler the average cost is £1624 per annum, electricity is £1551 per annum and traditional gas heating £885 per annum, wood pellets £1105 per annum and air source heat pump radiators £1486 per annum.
Decisions relating to the EU will take some time so we will be looking for strong and calm leadership from the Government, to ensure confidence and stability in the economy. This is not the time for rushed decisions.