Heating oil price shock as costs double for nearly two million Brits

• Almost two million UK homes and businesses that rely on heating oil are experiencing a major cost increase amid the Middle East crisis.
• Heating oil prices have more than doubled in just one week, rising from approximately 66 pence to 138 pence per litre.
• The surge is linked to the Iran conflict impacting global oil supply, with heating oil having a 40 per cent dependency on sources from that region.
• Unlike gas and electricity, heating oil prices are highly volatile and directly passed to consumers, as it is typically purchased on an as-needed basis from smaller, regional suppliers.
• Experts are advising customers not to panic-buy at elevated prices and to consider waiting for market conditions to stabilise, as prices can fall as quickly as they rise.

IN FULL

1.7m UK homes facing soaring bills as heating oil costs double in a week amid Iran conflict