Fuel Oil: Prices
The question
To ask the Secretary of State for Energy Security and Net Zero, what recent discussions he has had with energy suppliers on stabilising the level of heating oil prices for off-grid households in the South West of England.
Answered by Martin McCluskey
The Government is aware that off-grid households have seen a sharp increase in heating oil prices due to volatility in international markets. Suppliers often have limited storage, buying daily on the spot market. These changes are then reflected immediately in the price consumers pay.
The Secretary of State has written to the industry reminding heating oil suppliers of their commitments under the UKIFDA Code of Practice, including the need for fair, transparent and justifiable pricing.
Following discussions with the Competition and Markets Authority, the CMA are launching a comprehensive examination of the heating oil industry. We will work closely with the CMA to understand findings and develop options to increase consumer protections in this sector.
The chancellor has announced £53m for low-income families, who heat their homes with oil to help tackle surging prices. £27 million of this support is being provided to England, which will be distributed by Local Authorities via the Crisis and Resilience Fund.
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