Reeves to review support for households with heating oil bills

Chancellor Rachel Reeves has asked the Financial Secretary to the Treasury to meet rural and Northern Ireland MPs to explore options for households that rely on heating oil after global oil prices rose; the Competition and Markets Authority has been asked to monitor heating oil prices.

Chancellor Rachel Reeves has said she will explore options to address challenges faced by households that rely on heating oil amid the US-Israeli war with Iran. Global oil prices reached nearly $120 a barrel, a four-year high, as the conflict raised concerns about supply disruption. Reeves asked the Financial Secretary to the Treasury to lead talks with rural and Northern Ireland MPs about possible actions. Key facts: - Global oil prices rose to nearly $120 a barrel, putting pressure on heating oil costs. - Reeves has asked the Financial Secretary to meet officials and rural and Northern Ireland MPs; meetings are scheduled to discuss potential support measures. - The Competition and Markets Authority has been asked to be vigilant over heating oil and road fuel prices and warned suppliers against profiteering. Summary: Rising global oil prices have driven up heating oil costs in some areas, prompting Reeves to initiate discussions with MPs and officials about possible responses. The CMA is monitoring the market; further actions remain undetermined at this time.