The collapse in oil prices has sent the cost of home heating oil plummeting. It’s now down at a level not seen since early 2016.
The average charge for 500 litres is just over £137. That has left home heating oil the cheapest by far of the four fuels compared by enirgy.info.
At these prices heating a house with home heating oil would cost £465 over the course of a year, a margin of £150 cheaper than natural gas.*
As crude oil continues to suffer from over supply and depressed demand, it’s conceivable home heating oil could have even further to fall.
*The estimation by enirgy.info is based on a delivery of 15,000 kWh of useful heat regardless of the efficiency of boiler used.