Heating oil prices at a three year low

Thu, November 20, 2014 - 12:23:00

Figures have recently revealed that heating oil prices are at a three year low, with the price of heating oil continuing to fall. This new data means that heating oil is continuing to beat its closest competitors of Liquid Petroleum Gas and electricity, in being the cheapest way to heat homes located off the gas-grid. This new data reinforces that using heating oil to heat your home is still a good option for those living off the gas-grid, a concept also backed by OFTEC, one of the leading regulatory bodies in the industry.

It was also revealed by Sutherland Tables - the recognised independent source of data on comparative UK domestic heating prices – that the average cost for heating a three bedroom home in Great Britain per year is 11.6% lower than the cost of the previous four years. Those that heat their homes using electricity pay 26% more than those using heating oil, and those using LPG are pay a whopping 40% more.

Those using LPG are usually tied into long contracts when buying their fuel, which leave them with limited options in terms of price and when to buy it. However, homeowners who use heating oil have the luxury of low and falling oil prices, as well as being able to choose when they want to purchase their fuel.

In order to save even more money when buying heating oil, CTS would suggest not waiting until the winter to buy your oil. Winter is a busy period for oil suppliers and therefore prices tend to go up and delivery times can be lengthy. By having the luxury of choosing when to buy your fuel, why not be prepared for winter by purchasing oil when the prices are low such as earlier in the year and when temperatures are high. This way delivery won’t need to be rushed and you can enjoy the rest of the warm weather, without having to worry about doing the dreaded oil order in a panic, when the weather takes a turn for the worse.

Another way of saving money would be to upgrade your boiler to a more modern version, because the age of your boiler has a large impact on energy efficiency and by upgrading to a condensing boiler you can save up to £200 per year.  Other ways in which heating oil users can save more money, can be found in The Oil Tank Pack on our website. The Oil Tank Pack features other money-saving ideas such as joining community bulk buying schemes, investing in double glazed windows and  getting your walls and loft insulated.