UK pledges to mitigate economic challenges as Keir Starmer announces £53m relief for vulnerable households

Britain has pledged that it will help the vulnerable households that are affected by rising oil prices amid new economic challenges.

Prime Minister Keir Starmer announced on Monday that the UK government will provide a 53-million-pound ($70.30 million) package to help the most vulnerable households cope with the ‌rising economic crises as the conflict in the Middle East continues.

The UK government said the price of kerosene—fuel used for heating oil—has been especially affected by the conflict in the Middle East and now stands at twice the cost of crude oil.

"Vulnerable" households who have been hit by a sharp increase in the price of heating oil will get help from a £53m support package, the prime minister has said.

Support will be "targeted" to help low-income households in rural communities, Sir Keir Starmer said, although local councils will decide who qualifies and how the money is distributed.

Unlike consumers who use gas and electricity for heating and hot water, prices for households using oil are not capped by regulator Ofgem.

As informed, Northern Ireland will receive 17 million pounds, England 27 million pounds, Scotland 4.6 million pounds, and Wales 3.8 million pounds.

As a result, these households have been among the first to feel the impact of rising crude prices since the outbreak of the US-Israeli war with Iran and some customers say their costs have doubled.

Other measures include introducing stronger consumer protections in the heating oil market and providing support to the competition watchdog to conduct a more comprehensive examination of the industry.

Additionally, Starmer also said he would not allow energy companies to profit from people's hardship, adding that the government was issuing legal directions to ensure companies pass savings on to consumers.