Brits ‘will not be ripped off’ by price gougers hiking up rates during Iran war
Ed Miliband has vowed that price gougers will face a crackdown by regulators if they take advantage of Brits’ pockets during the Iran War.
The Energy Secretary warned retailers who carry out unfair practices during the rising levels of oil prices will face a ‘range of powers’ from the government and industry regulator, the Competition and Markets Authority.
It comes after the price of petrol this week skyrocketed up to 140p a litre and diesel up to 158p a litre when the price of crude oil reached nearly $120 per barrel nearly two weeks after the US’ conflict with Iran.
Concerns have been raised about worldwide fuel reserves and markets have been growing since the start of the Iran war as oil tankers are effectively blocked from using the Strait of Hormuz.
Prices between petrol stations are currently varying from £1.27 per litre to £1.80, Chancellor Rachel Reeves said.
Speaking to Metro after the government received reports that some companies were hiking their prices, Miliband said: ‘The Chancellor and I will be meeting the petrol retailers, and we will be making clear that we will not tolerate unfair practises and price gouging.
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‘The Competition and Markets Authority stands ready to act.
‘They have a whole range of powers to act, and companies, whether it’s in heating oil or in petrol, should be in no doubt the government will act if we find price gouging, unfair practises.
‘We are determined to make sure that consumers are not ripped off during this situation.’
The government has today launched a new tool called Fuel Finder, which allows drivers can use to find the cheapest petrol station nearby.
It is expected to lower fuel prices for consumers by encouraging competition between forecourts, and to have all major retailers sign up to it.
Meanwhile, almost two million households still rely on heating oil, and they have seen their prices, which are uncapped, skyrocket.
Talking about measures to help struggling families with heating bills, Miliband said the government will ‘do everything we can to fight people’s corner.’
That includes the latest energy price cap, which will reduce a typical household’s bills by around £117 between April and June.
When asked if Brits should follow residents in Denmark – who are being encourage by their Energy Secretary to use less to save money on bills, Miliband said: ‘Of course, if people want to save energy, to cut their bills, that’s a good thing to do, but we are absolutely confident about our security of supply and we have confidence in the price cap.’
Miliband, who faced criticism from the Conservatives over the price cap promise, continued: ‘People should know that if they’re on the energy price cap, their bills will be falling in April because of the actions the government has taken, and they’re guaranteed that until the end of June.
‘We have a diverse range of energy supplies in this country, and people should feel confident in that.’
Elon Musk’s Tesla granted licence to power British homes
Yesterday, as the conflict came towards the end of its second week, it was confirmed Elon Musk’s Tesla has been given the green light to start supplying electricity to households and businesses in Britain after being given the green light by Ofgem.
The company’s subsidiary, Tesla Energy Ventures, has been granted a licence after a seven-month review which looked into whether the company could safely and reliably run an energy business.
Tesla has been involved in the UK energy market since 2020, when it was granted a licence to be an electricity generator. It current supplies electricity in the US state of Texas.
The move is likely to raise some eyebrows due to Musk’s controversial opinions and his vocal support of Donald Trump and right-wing figure Tommy Robinson.
Miliband has previously described Musk as a ‘dangerous person,’ and accused him of inciting violence on the streets.
Ofgem has stressed that it does not assess or grant licences to individuals.
When asked about Tesla and Musk’s links to the UK energy sector, he said: ‘Tesla already have a business in this country.
‘They applied for a licence.
‘This is a decision made by Ofgem, not by the government, and it’s arm’s length from government, and that’s the right thing to do.
‘Ofgem conduct what’s called a fit and proper person test for the company. They’ve reached their judgment, and I’m not going to comment further on that.’
Naomi Smith, chief executive of Best for Britain, said: ‘After more than 18,000 of our supporters wrote to Ofgem highlighting real public concern over Musk’s powergrab, Best for Britain are calling on the Energy Secretary to step in and urgently reverse Ofgem’s misguided decision. It’s not too late to do the right thing.’
Miliband has powers to veto applications for certain supply licences, but not the one that Tesla applied for.
‘Keir Starmer made the right decision with Iran War’
Last week, Miliband faced claims in The Spectator that he was behind a coalition of cabinet ministers who stopped Keir Starmer from allowing the US to use bases at Diego Garcia and RAF Fairford to launch the attacks on Iran.
Sir Keir initially tried to limit British involvement in the conflict and denied the US’ request to use the bases after it launched strikes on Iran on February 28th.
A day later, he decided the sites could be used by the US for ‘defensive’ strikes to protect countries being targeted by Tehran.
It led to spat between Trump and Starmer, with Trump saying the PM ‘was not Winston Churchill’. It’s believed the pair have since smoothed things over after speaking on the phone last week.
But The Spectator article claimed Starmer wanted to allow the US to use the sites, but was blocked from doing so by Miliband, Reeves and Home Secretary Yvette Cooper.
Responding to the article, Miliband told Metro: ”I’m not going to comment on those reports. What I will say is that it’s the Prime Minister who has led our country and made, the right decision, a decision the British people support, not to be involved in this conflict at the outset, because he didn’t believe that we should engage in the conflict without a clear thought through plan, but then to act, to support the US in defensive action, to support our allies who are being indiscriminately attacked by Iran and British citizens.
‘I think it’s the Prime Minister who’s shown important leadership and leadership the country supports.’
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