Martin Lewis has issued an urgent warning about rising energy costs as the conflict in Iran drives up oil prices. The financial expert highlighted that heating oil bills could surge by over £800, with immediate effects on consumers.
On his BBC podcast, Lewis shared a listener's experience from Lincolnshire, who saw the cost of 1,000 litres of heating oil jump from £645 to £1,480—an increase of £835. The listener expressed concern for others reliant on oil heating.
Lewis described the price rise as 'extremely excessive' and advised consumers to compare prices and consider collective buying with neighbours to negotiate cheaper rates. He noted that home heating oil is directly linked to oil prices and rises immediately.
However, Lewis admitted there are limited solutions beyond comparison shopping and group purchasing. He criticised the lack of regulation in the home heating oil market, stating he has given evidence to parliamentary committees calling for better oversight, but no changes have been made.
