Heating oil customers to get compensation after price hikes
Summary
The UK Competition Markets Authority (CMA) announced that heating oil customers who faced order cancellations and higher prices during the US-Israel-Iran conflict will receive compensation. Some suppliers have agreed to pay customers back, while the CMA plans legal action against those who refuse.Key Facts
- About 1,700 households had their heating oil orders cancelled or prices raised, costing up to £350 more.
- Wholesale oil prices rose from $70 to nearly $120 per barrel between February and March due to the Iran war.
- UK retail heating oil prices peaked at 92% higher during the conflict period.
- The CMA found that price hikes mostly matched rising wholesale costs, with little extra profit for suppliers.
- Heating oil users, often with tanks outside their homes, have fewer consumer protections than electricity and gas customers.
- The CMA recommends new rules for pricing transparency, order cancellations, and better support for vulnerable customers.
- Some suppliers agreed to compensate customers; the CMA will take court action against those who do not.
- Around 1.5 million UK households use heating oil, especially in Northern Ireland where 60% rely on it.
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