For the first time in five years the 25,000 rural homes in Lincolnshire that use oil for heating are spending less on their fuel bills than urban households connected to mains gas.
The price of heating an average three bedroom property with oil is now £119 less per year than mains gas, according to the latest figures from independent industry analysts.
The announcement has been welcomed by homeowners across Lincolnshire who are benefiting from a 30 percent fall in the price of heating oil over the last two years.
Furthermore, the good news is set to continue with industry experts predicting the price of oil is set to stay low for the foreseeable future and may drop even further.
Oil is also much cheaper than the alternative fuels for rural properties, coming in at 47 percent (£919) less expensive than LPG and 37 percent (£590) less than electric storage heaters to heat the same average, three bedroom home.
Malcolm Farrow of OFTEC, the UK trade body for oil fired heating, said: “These latest figures provide positive news for rural householders in Lincolnshire that use oil to heat their homes. Homeowners will be able to make real savings on their fuel costs over the coming year and, if the price of oil stays low, we may even see some households switching from mains gas to oil.”
The announcement comes after a successful week of campaigning by OFTEC during Cold Homes Week which saw over 200 businesses lobbying the government to raise awareness of the growing number of households living in fuel poverty.
Malcolm added: “Whilst the huge drop in the price of heating oil is certainly good news for households struggling to pay their fuel bills, the government should be doing much more to address the growing number of people who simply can’t afford to adequately heat their homes.
“This is a serious issue resulting in thousands of unnecessary deaths each year which in this day and age is totally unacceptable.”