Oil heated households are now paying over 40% less than they did four years ago as a recent independent report shows a continuing decrease in the price of home heating oil.
The four-year price drop in oil for households is at least double that of any other major home heating fuel. According to the latest quarterly data from the Sutherland Tables, a recognised independent comparative source, oil remains the cheapest fuel, with average annual costs in Northern Ireland falling to just £840*.
The nationwide report compares the average annual running costs for a typical three bedroom homes using seven different types of heating.
Since the start of the year, oil heated households have benefitted from falling costs with prices predicted to remain low throughout 2017. In comparison, electricity and mains gas customers face uncertainty over their heating costs with energy suppliers recently announcing further price rises, in some cases as high as 15%.
David Blevings, OFTEC Ireland Manager, representing the domestic oil heating industry, commented: “This is very welcome news for the estimated 500,000 households that use oil to heat their homes in Northern Ireland. As the data shows, they have benefited from the long-term falling oil prices which began in 2013 – and this pricing level is expected to continue for the foreseeable future, providing stability for oil heated households. ”
OFTEC would encourage consumers to benefit from the lower prices and fill their tanks ahead of the winter months.
David Blevings added: “We welcome the lower oil price as it is very good news for consumers. We would remind oil users to service their boiler and their heating system before the winter comes in to make sure they benefit from safe, efficient heating and hot water over the colder months. Be sure to ask your OFTEC registered technician for ID when entering the house, and you should receive a CD11 report following the service advising you of what work has been done to the system and what, if any, repairs or upgrades are recommended.”
For more information, visit www.oftec.org
Discover more from LoveBelfast
Subscribe to get the latest posts sent to your email.
