Summary
The UK Competition Markets Authority (CMA) announced that heating oil customers who faced order cancellations and higher prices during the US-Israel-Iran conflict will receive compensation. Some suppliers have agreed to pay customers back, while the CMA plans legal action against those who refuse.Key Facts
- About 1,700 households had their heating oil orders cancelled or prices raised, costing up to £350 more.
- Wholesale oil prices rose from $70 to nearly $120 per barrel between February and March due to the Iran war.
- UK retail heating oil prices peaked at 92% higher during the conflict period.
- The CMA found that price hikes mostly matched rising wholesale costs, with little extra profit for suppliers.
- Heating oil users, often with tanks outside their homes, have fewer consumer protections than electricity and gas customers.
- The CMA recommends new rules for pricing transparency, order cancellations, and better support for vulnerable customers.
- Some suppliers agreed to compensate customers; the CMA will take court action against those who do not.
- Around 1.5 million UK households use heating oil, especially in Northern Ireland where 60% rely on it.
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