OFTEC forecasts Heating Oil Price Increase
15th August 2009
The price of domestic heating oil will increase next year, according to the Oil Firing Technical Association (OFTEC) – the training, standards and registration agency for the oil heating industry across the British Isles.
Figures prepared for OFTEC by leading independent consultants EIC, indicate the price of kerosene will rise to 40p per litre in the last quarter of 2009, and increase to 43p per litre in 2010 and to 45p per litre by 2011. This compares to 36p at the beginning of 2009, but is still much lower than the peak prices of 60p per litre from July 2008.
Jeremy Hawksley, Director General at OFTEC, said the predicted increase was down to the actual and forecast increase in the price of crude oil since early 2009, together with an expectation of global economic recovery which has caused great volatility in oil markets.
He pointed out that households can protect themselves from high fuel bills by using energy saving measures. “Many houses still have very poor levels of insulation. Installing loft and cavity wall insulation can save up to 30% on fuel bills.”
“In addition, modern condensing boilers are extremely fuel efficient and will reduce fuel costs. (In England) grants are now available through the government’s Warm Front scheme whereby households off the gas grid can apply for funding up to £6,000 towards the cost of an oil heating system.” Mr Hawksley concluded.
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Article Last Updated 15th August 2009