Starmer ‘will not tolerate’ energy companies exploiting Middle East crisis for profit

1. News
2. UK
3. UK Politics

Global oil prices have risen sharply in response to the conflict

• Bookmark
• CommentsGo to comments

Bookmark popover

Removed from bookmarks

Sign up for the View from Westminster email for expert analysis straight to your inbox

Get our free View from Westminster email

Get our free View from Westminster email

I would like to be emailed about offers, events and updates from The Independent. Read our Privacy notice

Prime Minister Sir Keir Starmer has pledged that the government "will not tolerate" heating oil suppliers exploiting the Middle East crisis for profit.

During a visit to Belfast on Thursday, Sir Keir will stress that home heating oil costs must be "fair, transparent and justifiable".

He will meet with political leaders, including First Minister Michelle O’Neill and deputy First Minister Emma Little-Pengelly, amid increasing concerns about the Middle East war's impact on energy prices.

This issue is particularly pertinent in Northern Ireland, where around two-thirds of domestic properties depend on home heating oil.

Global oil prices have surged sharply due to the conflict, with Iran launching strikes following attacks by the US and Israel, directly contributing to the rise in home heating oil expenses.

The market in Northern Ireland, unlike gas and electricity, is unregulated.

Treasury minister Lord Livermore met with some Northern Ireland MPs on Wednesday to discuss the issue.

The Government said Sir Keir will use his visit to Northern Ireland to “highlight his relentless focus on cutting the cost of living for working people”.

A statement said: “Recognising that the majority of households in Northern Ireland rely on heating oil to heat their homes, the Prime Minister will send the strong message to companies that prices must be fair, transparent and justifiable, not inflated at the expense of working people.

“If companies hike prices without justification, the Government will act, including through regulation.”

The Prime Minister said: “Global instability has real impacts on the lives of working people across the UK, and I know families in Northern Ireland are worried about what the war in the Middle East could mean for their finances – especially given so many households rely on heating oil to heat their homes.

“Let me be clear, we will not tolerate profiteering or unfair practices.

“If companies fleece customers or rip them off, we will not hesitate to step in, and that includes on regulation.

“This Government stands with working people, no matter the headwinds.

“In Belfast I am spending my time meeting not only the politicians making decisions in Stormont, but also the people whose lives are shaped by conflicts abroad and the approach we take at home.”

The Government has asked the Competition and Markets Authority to look at heating oil prices.

During the visit, the Prime Minister will also meet with members of a local community to discuss the cost of living.

More about

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Most popular

Popular videos

Bulletin

Read next