Martin Lewis warns heating oil prices ‘extremely excessive’ as Iran conflict drives UK household costs higher
Martin Lewis has warned households about what he called “extremely excessive” heating‑oil price rises as the conflict involving Iran continues to push global energy costs higher.
Speaking on his BBC podcast, the money‑saving expert highlighted a stark example from a listener in Lincolnshire who ordered 1,000 litres of heating oil for £645 — only to find the same supplier quoting £1,480 shortly afterwards, an £835 jump.
“I’ve heard about rises, but that example is extremely excessive,” he said.
Oil prices have surged since the Middle East crisis escalated, with off‑grid households feeling the impact immediately. Mr Lewis said those nearing the end of their tank could face particularly steep costs.
“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.”
He urged households to compare prices before ordering.
“Remember you’ve got to go and do a comparison on heating oil,” he said, noting heating‑oil costs track international oil and gas markets and tend to rise quickly when wholesale prices spike.
Options for consumers are limited, he acknowledged. “Sadly, barring doing the comparison and collective buying, I don’t have many solutions on that.”
Martin Lewis has warned households about what he called “extremely excessive” heating‑oil price
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ITV/THE MARTIN LEWIS MONEY SHOW LIVE
Mr Lewis encouraged rural households to consider joining forces with neighbours to negotiate better rates. “It’s worth, if you’re in a rural area… talking to neighbours and other people in your area,” he said.
“Often collective buying can cut the costs, so you all negotiate a cheaper price by going with the same oil firm.”
The approach is long‑established in areas without access to mains gas and has become increasingly relevant as heating‑oil prices climb.
Mr Lewis also renewed his call for stronger regulation of the home‑heating‑oil market, which he said has historically faced far less oversight than other parts of the energy sector.
Bills could increase as a result of sustained conflict in the Middle East
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“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,” he said.
He previously raised the issue with MPs during House of Commons energy‑committee hearings. “I’ve given evidence… trying to say we should bring this into proper and better regulation, like we’ve now brought heat networks into proper and better regulation,” Mr Lewis said.
“As far as I know nothing has changed.”
Rural households reliant on heating oil remain particularly exposed to global market swings, with fuel costs rising sharply whenever international oil prices increase.
