"Chancellor Rachel Reeves has promised to explore options to address the "unique challenges" faced by households reliant on heating oil amid the US-Israeli war with Iran. The global oil price reached nearly $120 (89) a barrel on Monday, a four-year high, though it has since fallen. The jump was sparked by fears of a lengthy disruption to supplies caused by the war."
"There is no cap to limit the cost of heating oil in the way households benefit from regulator Ofgem's price cap on gas and electricity bills. Energy Secretary Ed Miliband on Monday warned the chief executive of the UK and Ireland Fuel Distributors Association (UKIFDA) the increase in heating oil prices had been "significant" and "caused concern among households and businesses"."
"Almost two-thirds of homes in Northern Ireland use oil for heating, by far the highest proportion among UK nations. According to the Consumer Council, about 500,000 homes in NI use heating oil and about 284,000 natural gas."
Global oil prices reached nearly $120 per barrel, a four-year high, driven by fears of supply disruptions from the US-Israeli conflict with Iran. Households reliant on heating oil face significant cost increases without price cap protections available to gas and electricity users. Chancellor Rachel Reeves committed to Treasury meetings with rural and Northern Ireland MPs to explore support measures. Northern Ireland is most affected, with nearly two-thirds of homes using oil heating compared to 3% in England and Wales. Approximately 500,000 Northern Irish homes depend on heating oil. Individual households report doubled prices and delivery shortages, forcing difficult choices between heating and hot water.
Read at www.bbc.com
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