Rachel Reeves issues warning over soaring heating oil prices with more than 1 million affected

• Chancellor Rachel Reeves has stated that using public money to address soaring oil prices is not the solution, despite 1.5 million UK homes being affected.
• Heating oil users, particularly in rural areas and Northern Ireland, are vulnerable to market shocks as they lack the price cap protection afforded to gas and electricity.
• Prices have dramatically increased following the Middle East crisis and fears of supply disruption, with some households seeing costs double.
• Ms Reeves has asked the Competition and Markets Authority (CMA) to investigate heating oil and fuel pump prices to prevent 'price gouging'.
• She rejected a Liberal Democrat proposal for a three-month zero-rating of VAT on heating oil, arguing the focus should be on de-escalating conflict and tackling unfair pricing practices.

IN FULL

Rachel Reeves warns using public money to tackle soaring oil prices ‘not the solution’