Heating Oil And Gas Costs Narrow, Claims OFTEC

The latest independent analysis of domestic space and water heating costs has shown that the gap between oil and gas continues to narrow. According to independent energy experts Sutherland Tables, the cost of gas fired heating and hot water for a typical 3 bedroom home has risen by 7%, whilst the price of heating oil has experienced an increase of just 2%.

Commenting on the figures, Jeremy Hawksley, OFTEC's Director General says, "This is excellent news for oil heating customers, the majority of whom are in off grid areas. With a much smaller gap between oil and gas prices, rural households that use oil are not at such a disadvantage.'

The cost of oil heating for a typical home now stands at around £1,294pa, a third less than Liquefied Petroleum Gas (LPG), and some 11% cheaper than electric heating. Oil is also 5% cheaper than an air source heat pump system, supplying a domestic radiator system. For comparison, the cost of using gas for heating and hot water is just over £1,079 per annum.

As part of their Oilsave campaign, OFTEC is urging householders to save money on their fuel bills by upgrading their controls, and switching from conventional to condensing boilers. The latest figures show that replacing an old boiler with a high efficiency condensing one, can reduce fuel bills by almost 20% - as well as significantly reducing CO2 emissions.