March 17, (THEWILL) — The United Kingdom has announced a £53 million support package aimed at helping vulnerable households cope with rising heating oil costs triggered by surging global energy prices.
Prime Minister Keir Starmer disclosed that the funding would primarily target low-income households in rural communities, where heating oil remains a major source of domestic energy.
The intervention comes as heating oil prices continue to climb sharply, largely driven by escalating tensions in the Middle East, which have unsettled global energy markets.
Unlike gas and electricity tariffs regulated by the Office of Gas and Electricity Markets through a price cap mechanism, heating oil is treated as a market commodity.
As a result, its cost fluctuates directly in line with international oil prices, leaving consumers exposed to volatility.
Global oil benchmarks recorded significant increases on Monday amid fears of supply disruptions linked to the crisis. Brent crude rose to $105.61 per barrel during early Asian trading, while U.S. benchmark West Texas Intermediate reached $101.52 per barrel.
Analysts note that Brent crude prices have surged by over 40 per cent since the joint military strikes by the United States and Israel on Iran on February 28, heightening concerns over the stability of global energy supplies.
The impact is particularly severe in Northern Ireland, where approximately 500,000 homes (about two-thirds of households), depend on heating oil for central heating. Smaller but significant numbers of homes across England, Wales, and Scotland also rely on the fuel.
Government officials say the latest support package is part of broader efforts to cushion the effects of rising living costs and ensure energy affordability for vulnerable populations during the ongoing global uncertainty.
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