Oil prices and the cost of living

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.