“Vulnerable” households using heating oil will get immediate support of £53m in funding from the government, Sir Keir Starmer has announced.
The prime minister said if heating oil companies are breaking the law, “there will be legal action”, as he promised to make sure the market is better regulated.
Giving an update on the UK’s role in the Iran war, he added: “But we won’t just wait for that.
“I’m announcing immediate support for vulnerable heating oil customers today, providing £53m for those households that are most exposed.”
Since the US and Israel carried out strikes on Iran on 28 February, the price of oil has soared as Tehran has cut off the crucial Strait of Hormuz, where more than 20% of the world’s oil has to pass through.
On Monday, the price of crude oil remained above $100 per barrel after jumping from $71 a barrel before the conflict began.
While the energy price cap, guaranteed until the end of June, covers mains gas and electricity, heating oil is not included.
Heating oil is used by 6% of UK homes, mainly in rural areas, but is used in nearly two-thirds of homes in Northern Ireland.
Some customers say the cost of heating oil has already doubled, while others said suppliers are cancelling orders and then jacking up prices.
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