Oil price surge sparks government crackdown on energy firms. Energy Secretary Ed Miliband warned that the UK government will not tolerate profiteering by energy companies as oil prices spike due to Middle East conflict. The Competition and Markets Authority has been placed on high alert to monitor for unjustifiable price increases at petrol pumps and heating oil suppliers. Chancellor Rachel Reeves highlighted significant price variations, with petrol ranging from £1.27 to £1.80 per litre across different forecourts. The government is considering direct support measures and potential fuel duty extensions if the conflict continues. Miliband rejected calls for new North Sea exploration licenses, arguing they would not reduce consumer bills.
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