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Edinburgh Live
Edinburgh Live
World
Katie Williams

Martin Lewis issues urgent advice for anyone with heating oil as price hits record high

Financial journalist Martin Lewis has issued urgent advice for anyone on oil heating as the energy price cap increase is right round the corner.

Already many households have been told their bills are rising over 50 percent after gas whole sale price hit a record high last year.

The Money Saving Expert founder has been warning people that their energy bills are set to rise by April 1 and then it's likely to rise again in October.

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For those on variable tariffs, Martin's best advice for the majority is to do nothing and stay on the current energy provider as there are currently no deals.

Now, as the war in Ukraine continues, oil prices have sky rocketed with it hitting US$139.13 a barrel, about £106, yesterday before dropping to around US$125 (about £95).

The Scottish Government have offered a energy rebate for those on electric and gas heating but Martin Lewis has issued words of advice for those on oil heating.

Taking to Twitter, he is asking everyone, especially in rural areas, to write to their MP.

Martin wrote: "To those, especially the many in rural areas, with heating oil seeing outrageous increases in cost.

"I know many are asking me what to do. I wish I had an answer other than the usual 'compare prices' and try to 'group-buy'.

"It is a s**t show. Raise it with your MP!".

He added: "As for what you should raise. Price protection is unlikely but having a regulated market which gives similar protections to domestic gas & electricity supply is do-able."

When asked what your MP could do, he replied: "They could start by regulating heating oil so there is at least a right to fairness - as there is in other parts of the energy industry."

Ofgem currently regulates the price of gas and electric and announced that the price cap will rise 54 percent in April, adding an extra £693 to the average yearly household bill- £708 if you're on a pre-payment meter.

The consumer champion has also reiterated how important it is to put your meter readings in before the price cap rises. He is telling everyone to regularly put in readings before and on March 31 2022.

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