Heating oil firms accused of profiteering as some customers see prices double

There have been more worrying warnings that the economic impact of the War could prompt a further jump in the UK’s cost of living. It’s not just prices at the petrol pumps causing concern: heating oil has also seen huge spikes since the start of the Iran War. ITV News Political Correspondent Harry Horton and Consumer Editor Chris Choi report

There are accusations of “blatant profiteering” as the government sends a warning to the heating oil industry.

Some customers are facing a doubling of prices as the Iran conflict unsettles energy markets. Yet, the estimated 1.5 million UK households that rely on this fuel have no protection from the energy price cap.

One anxious customer, Eira Featley in rural Suffolk, told ITV News last time she filled her tank it was about £300 – and today’s price – £707.94.

“You’ve got to heat your house”, she says, “There’s a cold spell coming up, so it’s scary. What’s gonna happen if this continues?”

The Iran conflict sparked daily price fluctuations up to 10p a litre according to the Fuel Distribution Association.

Figures seen by ITV News show examples of costs moving from 61p a litre before the conflict to £1.52 after.

The Energy Secretary Ed Miliband has written to the industry, warning “Government will take all action necessary to protect households”.

The Former Conservative Energy Secretary Claire Coutinho MP has said some of her constituents have experienced “blatant profiteering”, adding “heating oil customers are being ripped off.”

ITV News spoke to Ken Cronin, who heads the heating oil distributors trade association.

He told us, “Fuel distributors have limited stock on their sites, so those distributors are buying that fuel on the day at the market prices. Thats the reason why you have seen such a big shift in prices increasing to the customer.”

The Government promises action if heating oil costs become unfair – but it has no power to intervene if prices are merely high.

Cold comfort for those running low on fuel and on low funds