The government has warned fuel retailers that profiteering will not be tolerated, with the Competition and Markets Authority (CMA) asked to watch pump and heating‑oil prices closely. Chancellor Rachel Reeves told MPs she had asked the CMA to be “vigilant”, while Energy Secretary Ed Miliband said firms must not use the crisis to rip people off. (theguardian.com)

Price dispersion has widened. Reeves highlighted forecourts selling petrol anywhere from roughly £1.30 to over £1.80 a litre-evidence, she argues, that some outlets are slow to pass through wholesale moves. Treasury and DESNZ officials are set to meet retailers this week. (independent.co.uk)

Households off the gas grid are feeling it first. Around 1.7 million UK homes rely on heating oil, and suppliers report sharp price jumps since the Strait of Hormuz disruption. Unlike gas and electricity, heating oil is not covered by Ofgem’s cap, leaving rural and Northern Irish households exposed. (theguardian.com)

For households on standard tariffs, Reeves confirmed Ofgem’s April price cap will proceed as planned, offering near‑term certainty on electricity and gas bills even as oil markets swing. The fallback is limited: the cap does not cover heating oil. (theguardian.com)

Fuel duty is scheduled to start rising again in stages from September 2026 after the extended 5p cut expires. Ministers now say the plan is under review given the Middle East shock-raising the prospect of a delay or re‑profiling. For planning purposes, the official schedule remains September, December and March step‑ups. (gov.uk)

Competition scrutiny will be forceful. The CMA says retail fuel margins remain stuck at historically elevated levels versus pre‑2020 norms, and it now has a statutory monitoring role plus new consumer‑law fining powers that can reach up to 10% of global turnover for breaches. Expect interventions if spreads look unjustified. (gov.uk)

Ministers are resisting calls to reopen North Sea exploration, arguing new licences would not cut near‑term bills. The stated approach is to manage output from existing fields while accelerating clean, domestic power to reduce exposure to global fossil swings. (gov.uk)

On Friday, Miliband will showcase measures intended to speed up nuclear build-part of an “advanced nuclear framework” launched in February that promises a concierge service for developers and quicker consenting. Industry welcomes momentum but warns delivery hinges on deeper planning and regulatory reform. (gov.uk)

Global context still dominates pricing. The IEA has approved a record emergency release-about 400 million barrels-to counter disrupted flows through the Strait of Hormuz, but shipping risks remain elevated. That backdrop keeps near‑term pump volatility high. (apnews.com)

What this means for budgets: every 5p‑a‑litre change adds about £2.50 to a typical 50‑litre fill, or roughly £10 a month for weekly drivers. For a van doing 15,000 miles at 35mpg, a sustained 10p rise is near £200 a year. On heating oil, a 500‑litre top‑up costs £100 more if prices jump 20p per litre. Price‑checking matters: the current forecourt gap of ~50p/L can mean £25 a tank. RAC data this week also show average petrol up 5p since late February, underscoring why ministers want faster pass‑through. (theguardian.com)