OilGasPrices News & Analysis

UK Chancellor Plans Support Amid Rising Energy Costs Due to Middle East Conflict

UK Chancellor Rachel Reeves has stated that the government is preparing contingency plans to support those impacted by rising energy costs due to the ongoing US-Israel conflict with Iran. While energy bills are expected to decrease for three months from April under Ofgem's price cap, concerns persist as wholesale oil and gas prices have surged during the conflict. The Treasury has indicated that any government aid will be targeted at those most in need, as opposed to universal support previously provided. Furthermore, a new anti-profiteering framework is set to address potential exploitation by fuel providers, with a planned fuel duty increase set for September under review as the situation evolves.