UK's PM Starmer: Have asked the Treasury to look at oil-based heating costs

Prime Minister Sir Keir Starmer has directed the UK government to address surging home heating oil costs in Northern Ireland, where approximately 62.5% of households rely on oil for heating—the highest proportion among UK nations. The price of heating oil has more than doubled since the escalation of conflict in the Middle East, following strikes by Iran in response to attacks by the US and Israel. During a visit to Belfast, Starmer emphasized that prices must be "fair, transparent, and justifiable" and warned that companies exploiting the crisis through "profiteering or unfair practices" would face regulatory action.

The government has tasked the Competition and Markets Authority (CMA) with investigating potential violations of consumer protection laws, including reports of suppliers canceling existing oil orders to resell at higher prices. Northern Ireland's heating oil market remains unregulated, unlike gas and electricity, heightening concerns over price volatility. Treasury minister Lord Livermore met with local MPs on Wednesday to discuss the issue, though some expressed disappointment over the lack of immediate financial support for affected households.

Starmer reiterated that global instability disproportionately impacts working families, particularly in regions dependent on vulnerable energy sources. The government has not ruled out intervention through regulation if market practices are found to lack justification. The CMA's findings will inform further policy decisions, with Starmer urging companies to prioritize affordability over profit amid the crisis.