NI MPs to meet with Treasury over 'unique' home heating oil 'challenges'

Northern Ireland MPs are due to hold discussions with the Treasury on Wednesday about the "unique challenges" faced by households which use heating oil. Global oil prices have risen sharply since Iran began launching strikes across the Middle East in response to attacks by the US and Israel. In Northern Ireland, the average price of 500 litres of home heating oil saw an 81% increase in a week, according to the consumer council. Around two thirds of Northern Ireland households use home heating oil. The Chancellor, Rachel Reeves, said the discussions would "explore further action". Unlike gas or electricity the heating oil market is unregulated and prices have doubled over the last week. Rural MPs for some constituencies on Great Britain will also be invited to the meeting. It comes after the UK energy secretary, Ed Miliband, wrote to a body representing heating oil retailers across the UK. He said the competition watchdog, the CMA, was gathering evidence in the market and would look at whether consumers were being treated fairly. He added that the CMA had power to launch investigations into anything relating to unfair contract terms, misleading practices or anti-competitive behaviou