Starmer says Government will ‘step in’ to protect Brits from profiteering
Sir Keir Starmer has issued a stern warning to the government, emphasizing that profiteering or unfair practices in the wake of climbing oil prices will not be tolerated.
The Prime Minister has made it clear that he is prepared to take action if companies exploit the situation in the Middle East to overcharge customers.
Oil prices have surged following Iran’s retaliatory strikes, which came after US and Israeli attacks. This has led to an increase in energy costs, significantly impacting home heating oil bills.
During a visit to Northern Ireland, the Prime Minister remarked that “global instability has tangible effects on the everyday lives of people across the UK.”
Tensions with Tehran have disrupted shipping routes through the Strait of Hormuz, a crucial passage for international oil and gas supplies.
On Wednesday, the International Energy Agency announced plans to release 400 million barrels of oil into global markets, with 13.5 million barrels coming from the UK, aiming to mitigate short-term market disruptions.
