British Prime Minister Keir Starmer has pledged government intervention against heating oil companies in Northern Ireland accused of exploiting the escalating crisis in the Middle East by inflating prices. The commitment came during a visit to Belfast on Thursday, where Starmer met with political leaders to discuss the soaring cost of home heating oil.
“Let me be clear,” Starmer stated, according to a pre-released statement. “We will not tolerate profiteering or unfair practices. If companies fleece customers or rip them off, we will not hesitate to step in and that includes on regulation.”
The price surge follows attacks by the US and Israel on Iran almost two weeks ago, triggering a rapid increase in heating oil costs. According to the Consumer Council for Northern Ireland, the price of 900 litres of home heating oil rose from £536.72 (€622.11) on February 26th to £948.41 (€1,099.30) by March 5th – an increase of nearly 60 percent.
Northern Ireland is particularly vulnerable to these price increases, with approximately 62 percent of households relying on oil for heating, a significantly higher proportion than in the rest of the UK and Ireland. In comparison, roughly 3 percent of households in England and Wales, 5 percent in Scotland, and 26 percent in the Republic of Ireland use oil for heating.
The Prime Minister’s announcement comes as the Competition and Markets Authority (CMA) indicated it would engage with suppliers and intermediaries to assess potential consumer protection law violations. The CMA will specifically investigate reports of existing oil orders being cancelled, with customers subsequently offered novel quotes at inflated prices. Raymond Gormley, head of energy policy for the Consumer Council for Northern Ireland, reported receiving “incredibly concerning” reports of this practice.
Starmer emphasized the need for heating oil prices to be “fair, transparent and justifiable and not inflated at the expense of working people.” The government’s specific regulatory actions remain undefined, but the Prime Minister’s statement signals a willingness to intervene in the unregulated sector.
