Energy costs will almost certainly rise again later this year, despite the price cuts in the first six months, says Moneyextra.com.
Oil prices are to blame, according to Moneyextra, as the price of oil rose by 20% in June and July and has been approaching record highs for the height of summer. Analysts are predicting a further rise in the winter months, which means more expensive fuel on forecourts and in homes too.
After making two reductions since March, major player British Gas has already announced it won’t be making any further price cuts, and winter gas prices are already nearly as high as ever.
Robin Amlôt of Moneyextra.com said, “There’s been a lot of hot air in the press about British Gas and its profits. But the simple fact is that our fuel bills are likely to be going up over the next six months.
“With higher mortgage costs as well, thanks to rising interest rates, it’s more important than ever that households keep an eye on their spending, making sure they’re getting the best value for money in gas and electricity.”
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