We will not tolerate companies profiteering from Middle East crisis – Starmer

Prime Minister Sir Keir Starmer has vowed that the Government “will not tolerate” heating oil suppliers profiteering from the crisis in the Middle East.

Sir Keir will stress home heating oil costs must be “fair, transparent and justifiable”, during a visit to Belfast on Thursday.

He will hold meetings with political leaders, including First Minister Michelle O’Neill and deputy First Minister Emma Little-Pengelly, amid growing concerns over the impact the war in the Middle East is having on energy prices.

Around two-thirds of domestic properties in Northern Ireland use home heating oil.

Global oil prices have risen sharply in response to war in the Middle East, with Iran launching strikes in response to attacks by the US and Israel, and home heating oil costs have surged.

The market in Northern Ireland, unlike gas and electricity, is unregulated.

Treasury minister Lord Livermore met with some Northern Ireland MPs on Wednesday to discuss the issue.

The Government said Sir Keir will use his visit to Northern Ireland to “highlight his relentless focus on cutting the cost of living for working people”.

A statement said: “Recognising that the majority of households in Northern Ireland rely on heating oil to heat their homes, the Prime Minister will send the strong message to companies that prices must be fair, transparent and justifiable, not inflated at the expense of working people.

“If companies hike prices without justification, the Government will act, including through regulation.”

The Prime Minister said: “Global instability has real impacts on the lives of working people across the UK, and I know families in Northern Ireland are worried about what the war in the Middle East could mean for their finances – especially given so many households rely on heating oil to heat their homes.

“Let me be clear, 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.

“This Government stands with working people, no matter the headwinds.

“In Belfast I am spending my time meeting not only the politicians making decisions in Stormont, but also the people whose lives are shaped by conflicts abroad and the approach we take at home.”

The Government has asked the Competition and Markets Authority to look at heating oil prices.

During the visit, the Prime Minister will also meet with members of a local community to discuss the cost of living.