Is Heating Oil the cheapest home heating fuel still?
We recently, found an article lurking around the internet. It dates back to May 2020 when heating oil prices were 21ppl. It was an error on our part not to bring you this news item earlier in the year.
However, as the data is some 5 months old it still goes without saying that heating oil prices are low but about 25% higher than May.
Nevertheless, the message still holds good as other fuel prices have risen too and heating oil still remains the cheapest
The May figures were produced from the Sutherland Tables who are a UK Independent data source for UK domestic heating costs. The figures were tweeted by UKIFDA and many heating oil distributors around the country.
Heating oil remains cheapest heating fuel
Accordingly, it confirmed one thing at that time and shows how heating oil remained by far the cheapest of all major home heating fuels. Since May 2020, 5 months have elapsed. Average heating oil prices have risen by approximately 5ppl to 26ppl and are still the cheapest form of heating.
By comparison, this time last year heating oil prices were 52.42ppl!
The cost of heating an average three bedroom home in Great Britain with an oil condensing boiler is only £808 per year.
Probably wishful thinking at the time it was stated that the overall price was going to reduce further as the oil price crash, caused by Covid-19, feeds into the figures. To a point it did , but heating oil prices did recover and the savings are still there to a great extent.