"Households that rely on heating oil are often some of the most exposed to global fossil fuel price shocks because they sit outside the energy price cap. These homes are also those that are among the deepest fuel poverty as the cost of home improvements which could help reduce the cost of energy can be prohibitive."
"When overseas conflicts send oil prices soaring, the cost of heating for families in rural and off-grid homes can jump almost overnight. While other households are protected by the energy price cap for now, homes heated by oil are starting to suffer now and may need urgent support."
"This is another harsh reminder that relying on volatile fossil fuel markets leaves households vulnerable. The long-term answer has to be looking at alternative heating systems."
Approximately 1.5 million UK households depend on heating oil for heating, with prices rising significantly due to Middle East conflicts affecting global oil markets. Northern Ireland is most vulnerable, with 62.5% of homes relying on heating oil compared to 5% elsewhere in the UK. Unlike standard energy customers protected by Ofgem's price cap until June, heating oil users face unregulated price increases. Recent quotes show prices rising from £670 to £985 for 1,000 litres. US and Israeli strikes on Iran, combined with Iranian retaliatory attacks on Gulf infrastructure and threats to the Strait of Hormuz shipping lane, have driven wholesale prices higher. Rural and off-grid homes are particularly exposed to these volatile fossil fuel market shocks.
Read at London Business News | Londonlovesbusiness.com
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