Summary
Chancellor Rachel Reeves is looking into ways to assist households dependent on heating oil due to rising prices linked to the US-Israeli war with Iran. The cost of oil has nearly hit $120 a barrel, causing heating oil prices to surge, particularly affecting Northern Ireland. Meetings between the Treasury and MPs will discuss possible actions to support these households.
Key Facts
- Global oil prices have reached nearly $120 a barrel due to the US-Israeli war with Iran.
- Heating oil users are significantly affected by rising prices, as many keep oil in tanks outside their homes.
- Rachel Reeves plans meetings with MPs to find ways to support those using heating oil.
- Households in Northern Ireland have seen up to an 81% increase in heating oil costs.
- There is no price cap for heating oil like there is for gas and electricity in the UK.
- Almost two-thirds of homes in Northern Ireland use oil for heating.
- The UK and Ireland Fuel Distributors Association noted significant concerns over rising heating oil prices.
- The CMA has warned against suppliers raising prices unfairly and is ready to act if needed.
