Energy Secretary Ed Miliband has stated that the UK government will intervene on energy bills if necessary, amid surging energy costs due to the US-Israel war in Iran.
Miliband made the statement on the BBC's Sunday with Laura Kuenssberg programme, saying "if it's necessary to intervene, we will" to support people affected by the crisis.
The government is preparing for all eventualities, according to Miliband, who also acknowledged that oil and gas prices have surged due to the conflict.
Government Response
Chancellor Rachel Reeves is expected to offer a support package to households struggling with higher heating oil costs this week.
Prime Minister Sir Keir Starmer has warned that the government "will step in" if fuel companies "try to rip off customers", as petrol prices have jumped to an 18-month high.
Fuel Duty and Price Gouging
Miliband was asked about the current freeze on fuel duty, which is set to expire in September, and said "we'll have to see where we are" before making a decision.
The Energy Secretary also warned petrol retailers against "price gouging", citing findings from the Competition and Markets Authority (CMA) that show profits remain "persistently high" and price competition between petrol stations is "weak".
Support Package and Energy Policy
Miliband said that the government will stand by the British people in this crisis and do what it takes to support them, including intervening on energy bills if necessary.
The Energy Secretary also dismissed calls from the Conservatives to approve new oil and gas licences in the North Sea, saying that the price of gas is set by international markets regardless of its origin.
Opposition Response
Shadow energy security secretary Claire Coutinho called on the government to implement her "cheap power plan" to reduce energy bills immediately.
Liberal Democrat leader Sir Ed Davey said that the best way to help families struggling with energy bills is to "deescalate this war" and open the Strait of Hormuz.
