DEVON residents have saved more than £11,500 in 2012 thanks to a new oil buying consortium.

The Devon Oil Collective launched in February with the aim of tackling the rising prices of heating oil.

By consolidating orders from parishes across the whole of Devon, the scheme has the collective buying power to ensure that members get the best prices for their oil. This is particularly important in a rural county like Devon where many small communities have traditionally paid much higher prices for their heating oil because of their remote, rural locations.

The scheme now has 272 members who, over the course of the year, have collectively purchased 264,000 litres of oil over 316 orders. The oil prices the scheme has been able to obtain are typically between three and six pence per litre cheaper than the average price — resulting in an average saving of £45 per 1,000 litres of oil. Collectively over the year this has resulted in members saving over £11,500.

The Community Council of Devon, the charity running the scheme, is confident the savings for Devon residents will only get bigger and better.

Cara Stobart, the scheme administrator, said: 'We act like a broker — we negotiate the rate and make the orders on your behalf. Members can rest assured that they will get a great price every time without the hassle of phoning several companies.

'As the scheme grows and more and more members join, the greater buying power we will be able to yield, meaning that we can pass on even greater savings to our members.'

Membership starts from £24 a year.

l For further information or to join visit their website http://www.devonrcc.org.uk/c/63/the-devon-oil-collective">www.devonrcc.org.uk/c/63/the-devon-oil-collective or call 01392 248919 extension 290.