Using public money to tackle soaring oil prices not the solution'

"Around 1.5 million UK homes, approximately 5 per cent of the total, rely on domestic heating oil, and have experienced dramatic price increases amid the Middle East crisis. Fears of lengthy supply disruption emerged after Iran launched strikes across the region in response to actions by the US and Israel."

"Unlike gas and electricity, which benefit from regulator Ofgem's price cap, heating oil users are uniquely vulnerable to such market shocks, lacking similar cost limits. The Chancellor acknowledged the 'unique issues' surrounding heating oil, noting its particular impact on rural communities and Northern Ireland, where 60 per cent of households depend on it."

"Ms Reeves has asked the Competition and Markets Authority (CMA) to look at the cost of heating oil, as well as fuel pump prices, to prevent price gouging."

Approximately 1.5 million UK homes rely on domestic heating oil for heating, representing about 5 percent of all households. These users face significant price increases due to Middle East tensions and potential supply disruptions following Iranian strikes. Unlike gas and electricity customers protected by Ofgem's price cap, heating oil users lack similar regulatory protections and remain vulnerable to market shocks. Chancellor Rachel Reeves acknowledged the unique challenges facing rural communities and Northern Ireland, where 60 percent of households depend on heating oil. Rather than allocating public funds for relief, Reeves requested the Competition and Markets Authority investigate heating oil and fuel pump prices to prevent price gouging.

Read at www.independent.co.uk