Stories

Tue, 10 Mar 2026

Tue, 10 Mar 2026 Reeves to look at how to help households with heating oil bills

The chancellor said a meeting on Wednesday will explore ways to help households.

* Chancellor Rachel Reeves has promised to explore options to address the "unique challenges" faced by households reliant on heating oil due to the US-Israeli war with Iran.
* The global oil price reached nearly $120 (£89) a barrel on Monday, a four-year high, but has since fallen.
* Households in Northern Ireland are facing an 81% increase in heating oil bills, while some in rural homes in England have reported prices doubling.
* There is no cap to limit the cost of heating oil, unlike gas and electricity bills.
* Energy Secretary Ed Miliband warned that the price increase had caused "significant" concern among households and businesses.
* Almost two-thirds of homes in Northern Ireland use oil for heating, with around 500,000 households affected.
* Fran Barrett, a teacher living in Cheshire, reported seeing prices double and is now unable to secure a delivery due to high demand and low supply.
* Chancellor Reeves has asked the Treasury to lead discussions with officials and rural and Northern Irish MPs to explore further action that can be taken to support those using heating oil.
* The Competition and Markets Authority (CMA) has warned against profiteering by suppliers, and Acting executive director Emma Cochraine warned that action would be taken if consumer or competition law is being broken.