The good news comes just in time to help offset the 12.5% rise in electricity prices announced by British Gas last week which is expected to affect more than three million consumers.
The report, which compares average annual running costs for a typical three bedroom home with different heating systems, shows households with oil heating are paying just £840 a year to keep warm. That’s 13% cheaper than mains gas (£967), 44% less expensive than LPG (£1,524) and a substantial 127% lower than electric storage heaters (£1,910).
Households on oil also look set to benefit from stable oil prices throughout 2017 with costs widely predicted to remain low for the rest of the year, whilst those on mains gas or electricity face continued uncertainty as energy suppliers contemplate further price rises.
Malcolm Farrow, from OFTEC, the trade body for oil heating, commented: “For the many households already struggling with rising energy costs, the latest increase in electricity prices will come as a real blow. Fortunately, there is some relief for heating oil users as their prices continue to fall. This will provide much needed help for those families who are only just about managing, especially as now is a popular time to top up the tank before the cold weather kicks in.”
OFTEC is also reminding oil users to get their boiler serviced and check their tanks over the summer.
Malcolm added: “Summer is a good time to get your boiler serviced, but it’s easy to forget about oil tanks, which are often tucked away at the back of the garden, but householders need to remember they are responsible for their tank’s condition. Whilst oil tanks have a very strong safety record and leaks are rare, we recommend they are regularly checked. Using an OFTEC technician to service your heating system, will also mean your tank is inspected as part of the service.”