Heating oil prices double as 1.5m households face winter costs

Summarised from 2 outlets · Updated 13 Oct, 10:20 · Archive

Around 1.5 million UK households relying on heating oil face a difficult winter as prices have nearly doubled over the past year.

Around 1.5 million UK households that rely on heating oil to warm their homes are bracing for a difficult winter as prices have nearly doubled over the past year following the outbreak of the US-Israeli war with Iran.

The Competition and Markets Authority found that 1,700 households had been forced to place new orders at significantly inflated prices or go without fuel entirely after the conflict began, with additional costs reaching as much as £350 per household. The practice of requiring minimum orders of 500 litres has also affected some customers, forcing them to purchase more fuel than needed.

The government has pledged to work with the industry to 'develop a regulatory regime for the heating oil market, protecting consumers and promoting competition'. However, there is no indication that a price cap similar to the one covering standard variable gas and electricity tariffs will be extended to heating oil customers, nor has any timeline been set for when new regulations will come into force. In the interim, discounts on heat pumps have been made available and a code of practice remains in place. Customers whose orders were cancelled and subsequently repriced have been informed they have a right to compensation.

How it is being reported

• Heating oil prices nearly double as 1.5 million households face difficult winterAround 1.5 million households that rely on heating oil to warm their homes are bracing for a difficult winter. Prices have nearly doubled over the past year following the outbreak of the US-Israeli war with Iran. The government has pledged to overhaul regulation of the sector, promising tighter rules, greater competition and improved compensation routes for customers when problems arise. Ministers said they would work with the industry to "develop a regulatory regime for the heating oil market, protecting consumers and promoting competition". However, there is no indication that a price cap…GB News · 13 Oct, 10:07
• The Iran war didn't make your heating bill this high. Blue-state energy policy didBlocked pipelines and refinery shortages explain why energy prices spike every winter, leaving families vulnerable to global oil market swings.Fox News · 12 Oct, 12:00

In this story: Iran · UK · Competition and Markets Authority

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