Prime Minister Sir Keir Starmer has pledged that the Government will not tolerate heating oil suppliers profiteering from the crisis in the Middle East, as global oil prices surge following escalating conflict involving Iran, the United States and Israel. During a visit to Belfast, he said prices for home heating oil must be fair, transparent and justifiable, particularly as many families face mounting financial pressure.

Around two-thirds of homes in Northern Ireland rely on heating oil, and unlike gas and electricity, the market is not regulated. The Prime Minister is meeting First Minister Michelle O'Neill and deputy First Minister Emma Little-Pengelly amid growing concern about the impact of rising energy costs on households.

Sir Keir warned that if companies increase prices without justification, the Government will step in, including through regulation if necessary. The Competition and Markets Authority has been asked to examine heating oil prices, as part of what the Government describes as a continued focus on easing the cost of living for working people.