THOUSANDS of residents in Monmouthshire are paying over the odds for their heating oil, according to a new study.

Research shows that many of the residents are overpaying by as much as £70 a year each, on average.

A total of 5,432 houses currently use heating oil in the county, with an estimated 4,074 – or 80 per cent – said to be overpaying.

The study was conducted by Boiler Juice, an independent buying platform for heating oil, together with researchers PCP.

It involved surveying 1.6 million households across the UK who rely on a heating oil tank to warm their homes.

Researchers say that the problem stems from homeowners being unable to access the most valuable prices on offer.

According to Boiler Juice, more than one in six – 17 per cent – of people surveyed said they “couldn’t be bothered” to compare prices.

And, when they do, they reportedly “lack the buying power” to negotiate the best deals.

Lee Cowles, manging director for BoilerJuice said: “The 1.6 million UK households who rely on heating oil to warm their homes risk overpaying but it doesn’t have to be this way.

“We are continually investing in technology and customer service to make buying heating oil easy and hassle free.”

For more information visit boilerjuice.com.

Alternatively, download their app, or call and speak to a Boiler Juice advisor on 0333 554 3848.