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-13Apr-17Price change% Difference
Anthracite Grains10941114201.85%
Gas (British Gas)1079967-113-10.43%
LPG (Condensing)20201535-484-23.98%
Oil (Condensing)1431942-489-34.16%
Wood Pellets12461284383.07%
Air Source Heat Pump Radiators 1360157621515.84%
GREAT BRITAIN (Average) is calculated using South East, South West, Wales, Midlands, Northern England and Scotland

Northern Ireland

Apr-13Apr-17Price change% Difference
Anthracite Grains1033953-80-7.74%
Gas (Phoenix)1036845-191-18.44%
LPG (Condensing)20851925-160-7.67%
Oil (Condensing)1364901-463-33.94%
Wood Pellets10381124868.29%
Air Source Heat Pump Radiators 13901384-6-0.43%

Republic of Ireland (euros)

Apr-13Apr-17Price change% Difference
Anthracite Peas1297151021316.42%
LPG (Condensing)28531962-891-31.23%
Oil (Condensing)18041134-670-37.14%
Wood Pellets1166131014412.35%
Air Source Heat Pump Radiators 17661718-48-2.72%

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.