Starmer ‘will not tolerate’ energy companies exploiting Middle East crisis for profit
Prime Minister Sir Keir Starmer has vowed that the government will “not tolerate” heating oil suppliers exploiting the Middle East crisis for profit.
During his visit to Belfast on Thursday, Sir Keir will stress that home heating oil costs must be “fair, transparent and justified”.
He will meet political leaders including Prime Minister Michelle O’Neill and Deputy First Minister Emma Little-Pengelly, at a time when concerns are growing about the impact of the Middle East war on energy prices.
This problem is particularly relevant in Northern Ireland, where around two-thirds of domestic properties are dependent on home heating oil.
Global oil prices have risen sharply due to the conflict, with Iran launching a strike following attacks by the US and Israel, directly contributing to a rise in spending on home heating oil.
The market in Northern Ireland is unregulated, unlike gas and electricity.
Lord Livermore, the treasury secretary, met with some Northern Ireland MPs on Wednesday to discuss the issue.
The government said it would use Sir Keir’s visit to Northern Ireland to “highlight his relentless focus on reducing the cost of living for workers”.
The statement said: “Recognizing that the majority of households in Northern Ireland rely on heating oil to heat their homes, the Prime Minister will send a strong message to companies that prices must be fair, transparent and justified, and not inflated to the detriment of workers.
“If companies increase prices without justification, the Government will take action through regulation.”
The Prime Minister said: “Global instability is having real impacts on the lives of working people in the UK, and I know families in Northern Ireland are worried about what war in the Middle East could mean for their finances – especially given that many households rely on heating oil to heat their homes.
“Let me be clear, we will not tolerate profiteering and unfair practices.
“If companies rip off or rip off their customers, we won’t hesitate to intervene, and this includes regulation.
“This Government stands by the workers no matter what the negativities are.
“I spend my time in Belfast meeting not only the politicians who make decisions at Stormont, but also the people whose lives are shaped by conflicts abroad and the approach we take at home.”
The government asked the Competition and Markets Authority to look at heating oil prices.
During the visit, the Prime Minister will also meet with members of the local community to discuss living costs.
