That this House notes the recent rise in global oil prices and the impact this is already having on the cost of living across the United Kingdom; recognises that motorists are facing higher costs at the pumps as a result; further notes that in Northern Ireland a significant proportion of households rely on domestic heating oil to heat their homes, leaving many families particularly exposed to sudden increases in oil prices; expresses concern that rising energy costs will place further pressure on household finances at a time when many families are already struggling with the cost of living; also notes with concern reports that some energy companies may be benefiting from excessive profits as prices rise before higher wholesale costs have fully fed through; and calls on the Government to ease this burden by cutting fuel duty for motorists and removing VAT from domestic heating oil, and to fund such relief by introducing a levy on excessive profits made by companies benefiting from rising oil prices, ensuring that households and motorists are protected from unfair price increases.
