Prime Minister Keir Starmer has warned heating oil suppliers that the government will not tolerate "profiteering" at the expense of Northern Ireland households.

The warning came during a visit to Belfast yesterday, Thursday 12 March, where the Prime Minister prioritised the rising cost of living in his discussions with local political and community leaders.

With the majority of homes in Northern Ireland reliant on heating oil, the Prime Minister sent a firm message to the industry that prices must remain fair, transparent, and justifiable. He stated that the government is prepared to intervene through regulation if companies are found to be hiking prices without valid reason.

To address these concerns, the government has already requested that the Competition and Markets Authority (CMA) urgently examine reports of extortionate pricing. Furthermore, the Financial Secretary to the Treasury has held talks with Northern Irish MPs to explore additional avenues for action. Prime Minister Keir Starmer said: "Global instability has real impacts on the lives of working people across the UK, and I know families in Northern Ireland are worried about what the war in the Middle East could mean for their finances – especially given so many households rely on heating oil to heat their homes. Let me be clear: we will not tolerate profiteering or unfair practices. If companies fleece customers or rip them off, we will not hesitate to step in, and that includes on regulation."

He continued: "This government stands with working people, no matter the headwinds. Today in Belfast I am spending my time meeting not only the politicians making decisions in Stormont, but also the people whose lives are shaped by conflicts abroad and the approach we take at home."

During his visit, the Prime Minister also highlighted broader economic measures intended to support local residents. This includes the fuel duty freeze and the new Fuel Finder open data scheme, which saves the average driver in Northern Ireland £89. He also noted that up to 140,000 people in the region have already seen benefits from increases to the National Living Wage and National Minimum Wage.

Following his formal meetings at Stormont, the Prime Minister spoke with members of the local community to hear directly how the UK Government can further assist with financial pressures.