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Oil price at lowest level for years

A further drop in the price of heating oil has seen it reach its lowest level for six years, according to the Sutherland Tables.

Using these figures, the Oil Fired Technical Association (OFTEC) has stated that oil is now 18.5% cheaper than mains gas to heat the average home.

Sutherland Tables figures show that it costs £886 per annum to heat an average three-bedroom home using oil, while the price of using gas is £1,087.

But the figures also show a regional variation in price, with the lowest cost seen in the South West at £803 per annum and the highest, of £1,000, in Scotland.

Oil consumers in the Midlands are also faring well, with an average annual cost of £846.

Director general Jeremy Hawksley said: “While other major heating fuel costs have remained fairly stable, oil prices continue to fall substantially and are now at their lowest point since April 2009.

“In fact, oil prices have more than halved since they peaked in the early summer of 2013. 

“This undoubtedly spells good news for industry and Great Britain’s one million oil-using households, especially as the colder weather is now only a few months away and prices are predicted to remain low for the foreseeable future.”

An estimated 2.4 million households use electricity for heating – more than twice as many as use oil – but these consumers currently face fuel bills of almost double that of oil.

OFTEC also pointed out that the 171,000 LPG-using households are also being hit by annual fuel bills that are typically over £700 a year more than oil users.