(qlmbusinessnews.com . Mon 16th Mar, 2026) London, UK —
Miliband Promises Relief for Households Facing Heating Oil Price Surge in Wake of Gulf Crisis
Energy Secretary Ed Miliband has stated that the government may step in to assist if rising energy costs, stemming from the US-Israel war in Iran, start impacting UK households.
In a discussion on the Reporters's Sunday with Laura Kuenssberg programme, Miliband expressed the government’s readiness to potentially adjust fuel duty and energy bill regulations should the situation in the Gulf escalate to a point where such measures are deemed necessary.
“The government is committed to supporting the populace through this crisis and is planning for all possibilities,” Miliband asserted, emphasizing that preparations were underway to mitigate the economic fallout.
The conflict in the Gulf has provoked a significant increase in oil and gas prices, triggering speculation among economists about the long-term effects on both the global economy and the cost of living.
Chancellor Rachel Reeves is anticipated to reveal a support scheme for households grappling with the spike in heating oil costs within the week.
Amid these economic pressures, petrol prices have hit an 18-month peak, prompting Prime Minister Sir Keir Starmer to assure that the government will intervene to prevent fuel companies from exploiting consumers. His comments followed reports from the RAC, a leading motoring organization, concerning the surge in petrol costs.
Miliband also addressed concerns about fuel duty, indicating that with five months until a potential duty freeze expiry in September, it was too early to make definitive plans. However, he reassured the public that the government would do what it takes to support them through the ongoing crisis.
A contentious debate between Miliband and petrol retailers emerged last week over allegations of price gouging, spurred by the current conflict. Despite initial pushback from retailers, discussions proceeded, fostering dialogue on the state of competition and pricing within the fuel sector.
Miliband highlighted concerns about the functionality of the energy market, citing recent investigations by the Competition and Markets Authority (CMA) that uncovered consistently high profits and low competition among petrol stations.
Further, with an upcoming announcement from Reeves on support for heating oil users, Miliband criticised the market’s failure to serve consumers effectively, particularly in rural areas reliant on heating oil. He insisted on a comprehensive review of these energy sectors to ensure fair pricing and competition.
Acknowledging the paramount concern of living costs among Britons, Miliband assured that the government is braced for all outcomes of the Gulf crisis, hinting at potential interventions if necessary.
He also dismissed the Conservative Party’s calls for new oil and gas licenses in the North Sea, underscoring the global determination of gas prices and advocating for a shift towards domestically produced, clean energy.
Comments from opposition figures, including Conservative MP Claire Coutinho and Liberal Democrat leader Sir Ed Davey, further emphasized the debate on energy policy and intervention, with calls for immediate action to alleviate financial pressures on UK households.
Davey, in particular, stressed the need for de-escalation in the Gulf as a means to stabilize global energy markets and relieve the economic burden on British families.
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