Editorial: Northern Ireland more than any other part of the UK is vulnerable to this surge in the cost of home heating oil

Since the start of this month, the News Letter has reported on the oil price surge caused by the Iran crisis.

Not only have home heating oil prices risen as high as they did after the Russian invasion of Ukraine, the supply situation may be worse than then with the closure of the Strait of Hormuz.

Ships have been attacked, with three cargo vessels reported struck by Iran.

This has affected Northern Ireland worse than any other part of the UK – at least half of households in the province use oil, far more than in Great Britain where less than 5% of homes do.

There has been slight relief, with the cost of 900 litres of oil easing from around £1,100 to closer to the £1,000 mark. But that is still a disastrous cost for households of more than £1 a litre. Prices were around 57p a litre prior to the US-Israeli military action against Tehran.

Sir Keir Starmer will be in Northern Ireland today. “Let me be clear, we will not tolerate profiteering or unfair practices. If companies fleece customers or rip them off, we will not hesitate to step in, and that includes on regulation."

He also told the UK’s G7 counterparts that Britain will “play its full part in joint efforts to tackle the threats to our collective interests and deescalate the situation” in a call about the war.

Meanwhile, nearly 500 homeowner mortgages have vanished from the UK market of more than 7,000 such offers in the past couple of days, in the fastest disappearing act since the aftermath of the disastrous 2022 mini-budget.

Many of these deals are expected to return but it shows the impact of the conflict in the Middle East and inflation expectations. Once again, the UK – which is heavily indebted – is reminded of the value of low debt. Individuals likewise can see the perils of taking on large borrowing. And Stormont, which has almost no sense of fiscal discipline, ought to see it as a lesson too – but it won’t.