Oil users – fuel price winners once again!

Following the release of the latest comparative average heating price figures from Sutherland Tables, OFTEC reports good news for most oil heating users in the UK.

Detailed below, the figures show the three months up to the end of April. Over this quarter the cost of kerosene has decreased slightly for most areas, ranging from 1 – 3%. The exceptions are Scotland and Northern Ireland where costs have risen by approximately 2% and 5% respectively.

Regional variations can be quite significant and prices are usually highest in Scotland where transport costs are a bigger factor.

The best news comes from the Republic of Ireland where the average cost of home heating using oil has decreased by almost 8% compared to last quarter, which is excellent news for homeowners and oil heating businesses alike.

Homeowners with other types of heating have not all been so lucky. Over the last quarter, the biggest heating cost losers have been consumers of LPG and electricity in all UK regions. In Great Britain, consumers of LPG have experienced a price increase of approximately 5%, while in Northern Ireland LPG costs have risen by almost 8%. In Republic of Ireland, the cost of using LPG has remained static.

Consumers using electric heating in Great Britain have also seen an increase in costs, whereas in Northern and Southern Ireland prices have remained static. The natural gas price has remained static except in Northern Ireland where it has increased by over 2%.

Comparative space and water heating costs for a three bedroom house
Figures supplied by Sutherland Tables

Great Britain

Apr-13 Apr-17 Price change % Difference
Anthracite Grains 1094 1114 20 1.85%
Electricity 1456 1744 289 19.82%
Gas (British Gas) 1079 967 -113 -10.43%
LPG 2461 1863 -597 -24.27%
LPG (Condensing) 2020 1535 -484 -23.98%
Oil 1751 1148 -603 -34.41%
Oil (Condensing) 1431 942 -489 -34.16%
Wood Pellets 1246 1284 38 3.07%
Air Source Heat Pump Radiators 1360 1576 215 15.84%
GREAT BRITAIN (Average) is calculated using South East, South West, Wales, Midlands, Northern England and Scotland

 

Northern Ireland

Apr-13 Apr-17 Price change % Difference
Anthracite Grains 1033 953 -80 -7.74%
Electricity 1498 1437 -61 -4.07%
Gas (Phoenix) 1036 845 -191 -18.44%
LPG 2542 2345 -197 -7.75%
LPG (Condensing) 2085 1925 -160 -7.67%
Oil 1668 1097 -571 -34.23%
Oil (Condensing) 1364 901 -463 -33.94%
Wood Pellets 1038 1124 86 8.29%
Air Source Heat Pump Radiators 1390 1384 -6 -0.43%

 

Republic of Ireland (euros)

Apr-13 Apr-17 Price change % Difference
Anthracite Peas 1297 1510 213 16.42%
Electricity 2086 1953 -133 -6.38%
Gas 1346 1291 -55 -4.09%
LPG 3479 2380 -1099 -31.59%
LPG (Condensing) 2853 1962 -891 -31.23%
Oil 2211 1383 -828 -37.45%
Oil (Condensing) 1804 1134 -670 -37.14%
Wood Pellets 1166 1310 144 12.35%
Air Source Heat Pump Radiators 1766 1718 -48 -2.72%

 

The bigger picture – falling crude prices
After a relatively stable period during the winter months when, buoyed-up by OPEC’s production cut, the price of Brent crude hovered at around $55 a barrel, prices started to fall steeply in March, rallied briefly in April, then fell again in May to only just over $50 a barrel. As previously predicted, once prices passed $50 a barrel, US shale oil production began rebounding and most commentators agree that OPEC’s attempt to push the price of crude oil up has probably failed. While it’s never possible to predict the price oil with certainty, unless there is major disruption to the market, the price is thought likely to stay between $50-60 a barrel for the rest of the year, which can only be good for our industry.
www.oftec.org.uk

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