Mr Miliband said he would not reconsider the policy of refusing to allow new exploration licences for oil and gas in the North Sea.
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The government is preparing "for all eventualities" if they need to act on energy prices, as instability in the Middle East causes oil prices to soar.
Energy Secretary Ed Miliband said "the cost of living is the number one priority for this government", as he promised LBC listeners their energy bills will be protected.
He said the Government is still looking at all options of what that support could look like, whether that be targeted or universal.
Despite the volatile situation, Mr Miliband said he would not reconsider the policy of refusing to allow new exploration licences for oil and gas in the North Sea.
He told LBC's Lewis Goodall on Sunday: "That was our commitment and we're sticking to that commitment.
"We said in our manifesto we'd keep existing oil and gas fields open for their lifetimes, and we wouldn't issue new exploration licences on existing oil and gas fields.
"We've not only done that, but we've introduced so-called tiebacks to existing fields. So that's some new production in adjacent. And that was welcomed by the industry.
"New exploration licences won't cut the price."
Tehran has been blocking the Strait of Hormuz, a major shipping route used by oil tankers transporting the fuel out of the Middle East, causing global price spikes.
Mr Miliband has hinted that the Government is open to reviewing its plans to raise fuel duty for the first time in more than a decade should the war in the Middle East continue into the latter half of the year.
He insisted the Government will “stand by the British people in this crisis” as he made appearances on Sunday morning’s broadcast round.
He told LBC: "Part of the challenge here, which I think we're all aware of, is we don't know how long this crisis will last.
"And obviously, our response will have to be shaped by the length of the crisis."
If fuel companies try to rip off customers, my government will step in.@RachelReevesMP and @Ed_Miliband are bringing the bosses of the fuel companies in today, to make sure that customers aren’t losing out because of the conflict in the Middle East.— Keir Starmer (@Keir_Starmer) March 13, 2026
Fuel duty, the 52.95p per litre tax on fuel paid at the pump, is due to rise for the first time in 16 years at the end of August.
Ministers have faced calls from their political rivals to U-turn on the planned 1p tax hike in light of the oil price spikes caused by the US and Israel’s war with Iran.
There are growing concerns that Iran has begun placing mines in the narrow sea passage as part of its blockade.
Numerous oil tankers have come under fire as they attempted to pass through since the start of the conflict.
Minehunting drones are one of the options the UK is considering sending to the Strait to unblock Iran’s stranglehold, it is understood.
