For the second year running, oil heated households are celebrating having the cheapest fuel bills. A recent report* comparing seven different types of home heating has found that Heating Oil customers are paying just under £600 less than LPG heating and still remain cheaper than homes on mains gas.
At a time when gas and electricity companies are coming under fire for soaring prices, the news that Heating Oil is the lowest type of home heating has been welcomed by our customers at Rix Petroleum. You can find out more about heating oil prices here.
The nationwide report compares the average annual running cost of a typical three bedroom home using seven different types of heating.
How much does Heating Oil cost to heat a home?
Households using Heating Oil are currently paying on average £942 a year to keep warm. That’s just under £600 cheaper than LPG heating (£1,535) and some £800 less than electric storage heaters. Oil heating prices also remain lower than main gas (£967).
Malcolm Farrow, from OFTEC, the UK trade body for oil heating, commented: “It has been a fantastic two years for heating oil households. These latest figures are part of a wider trend of falling oil prices which began in 2013 – and this is expected to continue for the foreseeable future, providing stability for oil heated households, particularly those struggling with their fuel bills.”
As we move into the warmer months of the year, you may not be thinking about topping up your Heating Oil tank, but historically, summer is the cheapest time to buy your Oil. You can get a free instant quote on our website, or by calling your local depot.
* Data is taken from the Sutherland Tables report, April 2017. You can read more on the OFTEC website