He had two suggestions for how you could bring down your bills if affected
Martin Lewis has addressed a significant cost of living increase as the unrest in Iran persists. Fears have been raised that the ongoing strikes within the nation will result in a steady escalation in oil prices, subsequently impacting energy bills and living costs.
The cost of oil has already rocketed since the conflict erupted, leading to an immediate increase in bills for some. A listener from Lincolnshire contacted the Martin Lewis’ BBC podcast as the price of heating oil had soared.
They said that they had recently ordered 1,000 litres of heating oil, costing £645. However, upon checking with the same supplier more recently, the price had more than doubled, rising to £1,480, with an additional £835 to pay.
The person said: “We did OK but feel for others who only have oil heaters.” Martin Lewis acknowledged he had heard of heating oil prices increasing but said this specific instance was “extremely excessive”.
He encouraged people to compare prices, advising: “Remember you’ve got to go and do a comparison on heating oil.” He also suggested it might be beneficial to join forces with others to reduce your costs.
Talk to your neighbours
The expert said: “It’s worth if you’re in a rural area – I know it’s common in Northern Ireland, it’s common in rural parts of Great Britain – then it’s worth talking to neighbours and other people in your area.
“Often collective buying can cut the costs, so you all negotiate a cheaper price by going with the same oil firm.” However, Mr Lewis said there was regrettably little else he could provide in terms of guidance.
He said: “Home heating oil because it’s directly linked to the price of oil and gas has gone up and it goes up immediately. If you’re unlucky enough to be coming to the end of your tank right now and having to refill it, it is going to be extremely costly.
“Sadly, barring doing the comparison and collective buying, I don’t have many solutions on that.” Mr Lewis said he has been working to strengthen industry regulations surrounding this issue.
He said: “We have under-regulated home heating oil in this country for far too long and left people in rural communities in the lurch on it. I’ve given evidence at energy committees in the House of Commons trying to say, we should bring this into proper and better regulation, like we’ve now brought heat networks into proper and better regulation, and as far as I know nothing has changed.”
