To calculate the cost, what you need to do is find out the wattage of your electric immersion heating. A typical one is 3kW. That means it use 3 units or kW per hour of electricity to heat water. Have this on 2 hours a day it would use 6 units.
Once you work out how long the immersion heater takes to heat up the water you require, you can them make a comparison with your oil heating.
I had read that a properly working and timed immersion heater, can work out cheaper than using oil to heat water during the summer. But this was based on energy prices a few years back, so may no longer apply.
The other point, is whether there is any benefit to keeping the oil boiler working during the summer. Does it help keep it in working order ? I can remember having problems with boilers that have been switched off for a period, when you come to turn them back on for the winter.
The Energy Saving Trust helpline may be able to answer your query.