Need to know
Sir Keir Starmer said he is determined to “clamp down” on people “getting ripped off” on their energy bills
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What you need to know about recent changes in fuel, gas and oil prices
- Chancellor Rachel Reeves gave an update this week around a crippling 81% increase in a week of home heating oil – used by more than 60 per cent of Northern Ireland homes. At Treasury questions the Chancellor was challenged over her response to the situation which has left thousands struggling to afford to heat their homes. She told MPs there was ‘no reason’ a company should have doubled prices – and pledged action. Click here to read more.
- During a visit to Belfast on Thursday the Prime Minister has vowed the Government “will not tolerate” heating oil suppliers profiteering from the crisis in the Middle East. Click here to read more.
- Sir Keir Starmer said he is determined to “clamp down” on people “getting ripped off” on their energy bills after his meeting with party leaders in Belfast, where there was cross-party and cross-community consensus on the call for more help.
- The jump in oil costs has caused petrol prices to jump to an 18-month high, according to motoring firm RAC. Prime Minister Sir Keir Starmer said: “If fuel companies try to rip off customers, my government will step in.”
- According the latest data from the RAC, petrol prices have risen to 140.60p per litre on average across the UK from 132.83p before the war began. Diesel has climbed to 159.18p from 142.38p over the same period.
- Rachel Reeves has written to the Competition and Markets Authority requesting it stays on high alert for unjustifiable price rises on petrol, diesel and heating oil, to support families and businesses
- On Friday the Chancellor and Energy Secretary called on industry to explain why prices vary so widely, how quickly forecourts respond when costs ease, and what immediate steps firms will take to make sure motorists aren’t left paying over the odds. The Chancellor noted earlier this week that prices varied from £1.27 per litre to £1.80 per litre between forecourts.
- Two Northern Ireland electricity firms announced major rises in their electricity tariffs with Click Energy is set to increase its electricity tariff by 9.5% while Share Energy are increasing theirs by 26.4%. Both increases are effective from April 1 2026 and will impact over 55,000 customers in Northern Ireland. Click here to read more.
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