The DUP MP has tabled an Early Day Motion in Parliament highlighting the impact rising global oil prices are already having on the cost of living across the United Kingdom and warning that households in Northern Ireland are particularly vulnerable due to their reliance on heating oil.

Speaking on the issue, Carla Lockhart MP said:

“Oil prices are rising sharply and the consequences for the cost of living are obvious.

Motorists across the United Kingdom are already feeling the impact at the pumps, while families struggling with household bills are facing the prospect of even higher energy costs.

In Northern Ireland the situation is particularly serious. A large proportion of homes rely on heating oil to keep warm, meaning global oil price spikes are felt immediately in family budgets.

The Treasury should not sit back while pressure on households and motorists grows and the tax take grows with it. Government must act now by cutting fuel duty and removing VAT on domestic heating oil.

These are practical steps that would provide immediate relief to families and motorists who are already under serious financial pressure.

At the same time, there are growing concerns that some energy companies are benefiting from excessive profits as prices rise. Government should consider measures to ensure households are protected from unfair price increases and that any excessive profits are taxed to help fund support for families and motorists.”