Prime Minister Sir Keir Starmer has announced that the government will provide £53m to help vulnerable households who have been affected by the sharp increase in heating oil costs.
This decision comes after the price of crude oil jumped above $100 (£75) a barrel due to the US-Israeli war with Iran, according to a report by the BBC.
The issue is particularly acute in Northern Ireland, where about 500,000 homes use heating oil, almost two-thirds of all households.
Government Support
The government said its support would be targeted to help low-income households in rural communities affected by the recent surge in costs.
In England, the extra cash will be distributed by local authorities via the Crisis and Resilience Fund, which comes into effect on 1 April.
Northern Ireland will receive £17m, England £27m, Scotland £4.6m and Wales £3.8m.
Response to Price Increases
Sir Keir Starmer said the UK competition regulator had flagged reports of cancelled orders and prices being pushed up.
He also stated that if companies have broken the law, there will be legal action.
The PM added that the government would continue to work towards a swift resolution of the Middle East conflict.
Energy Market Impact
Prices have spiked mainly due to the effective closure of the Strait of Hormuz, a vital waterway that carries a fifth of global oil supplies.
Household gas and electricity bills in England, Wales and Scotland are protected by the energy cap, which is set by the regulator Ofgem.
A sustained period of high wholesale costs could mean a sharp increase in energy prices for millions.
