NewsUK government promises new rules for Heating oil as prices double
Heating oil prices have doubled in one year. Millions of households are now paying much more. The government promises new rules to help people. But there is no date for these changes yet. You might still pay high prices this winter. Check your tank levels and plan your budget carefully.
Nick, a 28-year-old renter in West Suffolk, looks at his Heating bill and sees an investment rather than a utility. He lives in a three-bedroom home, but the cost of keeping it warm has more than doubled in just 12 months. He is now staring at quotes of 111 pence per litre. He is one of 1.5 million households across the UK that rely on Heating oil, a market that lacks the price caps protecting standard electricity and gas users. The government now says it will finally step in to regulate the sector. Ministers promise to promote competition and fix the rules on minimum order volumes, which currently force some families to buy 500 litres at a time. Energy minister Polly Billington says the government will not accept the current lack of protection for off-grid homes. However, the plan offers no immediate price relief. Tim Buckman, who runs the price comparison site Boiler Juice, notes that regulation alone will not lower the cost of fuel. The real problem is that oil is twice as expensive as it was before the war. While the government considers new oversight, families are left gambling on whether to buy now or wait for a dip in price. If you rely on Heating oil, do not expect a quick fix on your next delivery invoice. It seems the best way to handle this winter is to keep your tank topped up and your expectations low.