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.
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.
“We’ve worked through with MPs and others a response for people who are not protected by the energy price cap,” Reeves told the Times., external
In terms of plans for gas and electricity bills, the chancellor said ahead of the next price cap in July, the government is working through “different scenarios” and will look at “more targeted options”.
Household energy bills are set to fall by 7% in April, Ofgem previously announced, following a shake-up in charges by the government.
However, prices are still about a third higher than before the war in Ukraine, and billpayers in debt have ballooned.
As the conflict continues to rage in the Middle East, gas and electricity bills could face dramatic hikes from July – after Ofgem’s price cap lifts – due to increases in wholesale gas prices.