POLITICS CORNER

[Stanley]

HERE is a clue to what Rachel Reeves may be thinking about the price of heating oil......
Chancellor Rachel Reeves is to offer a package of support to households struggling with higher heating oil costs following the global impact of the US-Israel war in Iran. In an interview with the Times, Reeves said she has "found the money" to help, adding the Treasury is also looking at "different options" to help those most vulnerable to soaring energy bills. The increase in global oil prices has caused a spike in heating oil costs, commonly used in rural areas not connected to the main gas grid. It is not covered by the regulator Ofgem's energy price cap which is set to fall in April. The support is expected to be announced early next week. A government spokesperson said: "We know that people are concerned about the potential impact of global conflicts on the cost of living." They added: "While it is too soon to know the full impact of this crisis, as the chancellor said, she will take the necessary decisions to help families with the cost of living and protect the public finances." About 1.7 million households in England and Wales rely on kerosene for heating and hot water but, unlike gas and electricity, prices are not capped and are subject to volatility. Almost two-thirds of homes (62.5%) in Northern Ireland rely on heating oil. Since the start of the US and Israel's assault in Iran, households using heating oil have seen their bills double, orders cancelled - and some have been unable to get heating oil at all.