11th March 2026
Rt Hon Rachel Reeves MP, Chancellor of the Exchequer, HM Treasury; Dharmesh Nayee, Director of Strategy, Planning and Budget, HM Treasury will attend a meeting.
Questions at todays meeting of the Treasury committee will principally be on the budget but questions may be raised on the rise in the cost of home heating oil.
The meeting starts at 9.45am today 11 March 2026 and will be broadcast live on Parliament TV
To watch live or replay later go HERE
10.25am Today
So far the chancellor confirmed -
Chancellor Rachel Reeves has referred the heating oil price crisis to the Competition and Markets Authority (CMA) to investigate potential "price gouging" and ensure companies are not exploiting the market.
Key details regarding her response to the heating oil issues include:
CMA Involvement: Reeves asked the CMA to be vigilant regarding the costs of essentials, specifically including heating oil.
Treasury Action: She instructed the Financial Secretary to the Treasury to lead discussions with officials and MPs from rural areas and Northern Ireland to "explore further action".
Stance on Subsidies: Despite calls for action, Reeves indicated that directly using public money (such as a VAT reduction) to subsidize heating oil costs is "not the solution," focusing instead on competitive action against price spikes.
Context: These measures follow a sharp rise in prices—some reportedly more than doubling—for the 1.5 million UK households relying on heating oil, following conflict in the Middle East.