Martin Lewis warning over ‘extremely excessive’ bill | Personal Finance | Finance
Martin Lewis has spoken about a huge cost of living spike as the conflict in Iran continues. Concerns have been raised that the on-going strikes in the country will lead to a consistent increase in oil prices, with a knock-on effect on energy bills and the cost of living.
The price of oil has already shot up since the conflict broke out, which has caused and immediate bills increase for some. A listener to Martin Lewis’ BBC podcast from Lincolnshire raised the question of the price of heating oil, which had shot up for them. They said that they had placed an order recently for 1,000 litres of heating oil, priced at £645.
Yet they had check with the same supplier more recently, and the price had more than doubled, increasing to £1,480, with an extra £835 to pay. The person said: “We did OK but feel for others who only have oil heaters.”
Martin Lewis said he had heard of heating oil prices going up but this particular case was “extremely excessive”. He urged people to shop around, saying: “Remember you’ve got to go and do a comparison on heating oil.”
How to reduce your costs
He also said it may be worth clubbing together with others to save on your costs. The expert said: “It’s worth if you’re in a rural area – I know it’s common in Northern Ireland, it’s common in rural parts of Great Britain – then it’s worth talking to neighbours and other people in your area.
“Often collective buying can cut the costs, so you all negotiate a cheaper price by going with the same oil firm.” But Mr Lewis said unfortunately there was little more practical advice he could provide.
He said: “Home heating oil, because it’s directly linked to the price of oil and gas, has gone up and it goes up immediately. 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. Sadly, barring doing the comparison and collective buying, I don’t have many solutions on that.”
Mr Lewis said he is trying to improve the industry regulations on this matter. He said: “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.
“I’ve given evidence at energy committees in the House of Commons trying to say, we should bring this into proper and better regulation, like we’ve now brought heat networks into proper and better regulation, and as far as I know nothing has changed.”
