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Energy Secretary Ed Miliband has indicated that the government is prepared to take action if energy costs rise sharply as a consequence of the ongoing conflict between the US, Israel, and Iran. Speaking on the BBC’s Sunday with Laura Kuenssberg programme, Miliband emphasized that interventions, including adjustments to fuel duty and energy bills, remain a possibility depending on how the Gulf situation develops. “We’re going to stand by people in this crisis,” he stated, underlining that the government is “preparing for all eventualities.”
The escalation of tensions in the Gulf has already caused oil and gas prices to soar, prompting economists to caution about the wider effects on the global economy and the cost of living. Petrol prices have reached an 18-month peak, according to the RAC, which has led Prime Minister Keir Starmer to warn that his administration will intervene if fuel companies exploit consumers. When asked about the possibility of continuing the current freeze on fuel duty through September, Miliband responded cautiously, noting that with five months to go, the situation will be reassessed. “We will stand by the British people in this crisis and we will do what it takes to do that,” he added.
Miliband also addressed recent tensions with petrol retailers after he suggested the Competition and Markets Authority (CMA) was monitoring for signs of “price gouging” linked to the conflict. Fuel sellers criticized this characterization as “inflammatory language,” briefly threatening to boycott a Downing Street meeting before ultimately attending. The energy secretary insisted there is evidence that the market is not functioning properly and affirmed the government’s commitment to protect consumers, regardless of opposition from powerful interests. Additionally, Miliband highlighted concerns in the heating oil market, which mostly affects rural households not connected to the main gas network, noting forthcoming support measures planned by Energy Minister Claire Reeves.
Looking ahead, Miliband acknowledged that while most households with gas and electric heating will experience reduced energy prices for the next three months due to recent government changes, any fallout from the Gulf conflict is likely to be delayed until autumn, when bills could increase. He stressed that intervention would depend on the conflict’s impact by July. Dismissing Conservative calls for new North Sea oil and gas licences, Miliband argued that Britain is a “price taker not a price maker” in global energy markets and emphasized the need to develop domestic, clean power sources that the country can control. On the same programme, Tory shadow energy security secretary Claire Coutinho called for immediate cost reductions through her “cheap power plan” before seeking taxpayer support, while Liberal Democrat leader Ed Davey urged for a de-escalation of the conflict to ease pressure on families facing rising living costs
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