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Fri, 13 Mar 2026

Fri, 13 Mar 2026 Oil price profiteering will not be tolerated, says Miliband

Ed Miliband says the competition watchdog is primed to intervene if firms use the oil price shock to "rip off" customers.
Energy Secretary Ed Miliband warns that the government will not tolerate profiteering by energy firms amid rising oil prices, and has threatened intervention from the competition watchdog if necessary. The UK's oil price crisis has been exacerbated by the conflict in the Middle East, with households facing sharply higher heating oil bills. Miliband has indicated that direct support or a continued freeze on fuel duty may be considered to ease the cost of living burden. Shadow transport secretary Richard Holden accuses Chancellor Rachel Reeves of failing to act, but Miliband pushes back against calls for a change in policy on net zero emissions. He insists that continuing to produce oil and gas from existing fields is the right strategy for energy security and tackling climate change. Miliband has launched a fast-track process for building new nuclear power stations, but more immediate action may be required on rising petrol prices. The government is meeting with petrol retailers today to warn them that the Competition and Markets Authority (CMA) is "on high alert" for any unjustifiable price rises. Miliband says he and Reeves are "really concerned" about the variation in petrol prices between £1.27 per litre and £1.80 per litre on different forecourts, and that they will not tolerate unfair practices or price gouging. The CMA has a range of powers to intervene, including fines for firms found guilty of profiteering. Miliband emphasizes that the government is willing to fight people's corner to prevent them being ripped off during this crisis. However, he notes that whether further steps are taken will depend on how long the conflict lasts. The chancellor had previously shown a "willingness to intervene" in November's Budget, and has also frozen fuel duty until September, which is now under review. Fuel duty is set to rise in September unless reversed by the government. Miliband confirms that this is now being reviewed, while Holden criticizes Reeves for not taking action to ease the cost of living burden.