LONDON — Energy Secretary Ed Miliband has issued a blistering warning to energy suppliers and fuel retailers, declaring that the government will not stand by while companies “fleece” the British public during the current Middle East crisis.
Thank you for reading this post, don't forget to subscribe!Following a week of soaring global oil prices, Miliband—backed by Chancellor Rachel Reeves—has shifted the government into an emergency footing. The rhetoric marks a significant escalation in the Department for Energy Security and Net Zero’s (DESNZ) efforts to shield households from the economic fallout of the Israel-Iran conflict.
The Focus: Heating Oil and Petrol Pumps
While the Ofgem Price Cap provides a temporary buffer for most households, Miliband’s primary concern lies with the four million rural homes relying on unregulated heating oil. With reports of prices doubling overnight, the Energy Secretary has formally requested the Competition and Markets Authority (CMA) to investigate “unjustifiable” price hikes.
“We will not tolerate any company using a global crisis as a cover to pad their profit margins,” Miliband stated following a high-stakes meeting with petrol retailers.
A Two-Pronged Strategy
The government’s response is currently operating on two fronts:
- Immediate Relief: The UK has released 13.5 million barrels from its strategic reserves as part of a coordinated IEA effort to flood the market and dampen price volatility.
- Long-term Sovereignty: Miliband is using the crisis to accelerate his “Clean Energy Britain” mandate. He argues that the current spike proves the UK’s vulnerability as a “price taker” on the global stage, asserting that only a shift away from fossil fuels can provide true price stability.
“The only way to stop being at the mercy of global dictators and volatile markets is to build our own clean energy at home.” — Ed Miliband
Comparison of Current Market Volatility (March 2026)
| Sector | Impact Level | Government Action |
| Petrol/Diesel | High | “Fuel Finder” transparency & Retailer “summit” |
| Heating Oil | Extreme | CMA investigation into “unjustifiable” hikes |
| Electricity | Moderate | Buffered by Price Cap and Renewables |
