Oil Firing Technical Association (OFTEC), who represents the domestic oil heating and cooking industry in Northern Ireland, has announced a continuing fall in the price of home heating oil.
The latest quarterly data from independant energy consultants, Sutherland, has revealed that oil is the only primary heating fuel that has come down in price over the past three months; it is now 6% below January prices.
This has reduced from £1,550 to £1,450 per annum from January 2014 to April 2014 for a standard boiler, and from £1,268 to £1,187 for a condensing boiler. In real terms this is a reduction of 6.5% in three months and gives consumers an annual saving of £100 for a standard boiler, or £81 for a condensing boiler heating a typical three bed house.
David Blevings, OFTEC Ireland manager, said: “This is very welcome news for the estimated five hundred thousand households that use oil to heat their homes in Northern Ireland. As the data shows, we are currently experiencing a small decrease in prices. With the global oil markets stabilising and the supply of oil improving, we expect local home heating prices to continue to fair well for oil users. Currently, space heating and hot water costs for a typical three bed house using a condensing boiler in Northern Ireland are now as low as £23 per week.”
Additionally, oil users in Northern Ireland purchase their annual home heating requirement at 3% below the UK average price for oil. This is despite the additional costs incurred in shipping the oil into Northern Ireland and reflects the competitive nature of the local oil sector.
Mr Blevings added: “Oil users also have the advantage of choosing when to buy their oil, and with their own independent storage can buy oil now when prices are moving lower in preparation for the winter months.”