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UK Chancellor Rachel Reeves will announce financial support next week for 1.7 million households in England and Wales struggling with doubled heating oil costs. These homes rely on kerosene heating, which isn’t covered by Ofgem’s energy price cap that protects other consumers from price volatility.

The heating oil price surge stems from global oil market disruptions linked to escalating tensions between Israel and Iran. Unlike gas and electricity users who benefit from regulated price caps, heating oil customers face direct exposure to international commodity prices. Rural and off-grid communities, who disproportionately rely on heating oil, have been hit hardest by costs that in some cases have doubled since the Middle East conflict intensified.

The Treasury is also considering broader targeted support for vulnerable households facing higher gas and electricity bills ahead of July’s price cap review. Northern Ireland officials estimate similar support there could cost hundreds of millions of pounds, highlighting the scale of financial impact from geopolitical tensions in the Middle East rippling through to UK household energy costs.

Sources:

• Chancellor to offer support over rising heating oil costs - BBC News
• Rachel Reeves to set out extra support for UK households facing surge in heating oil costs | Rachel Reeves | The Guardian
• O’Dowd calls for direct support for customers hit by home heating oil price rise | Perspective Media
• More support as heating oil costs ‘double’ amid Iran conflict

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