Petrol prices in the UK have reached a record breaking high, with experts warning that costs will continue to rise.
How to prepare for the energy cap increase as prices are set to rise by almost £1k in October
24.05.2022 - 18:05 / ok.co.uk
Brits can expect to see their household bills increase again in October, with the energy price cap set to dramatically rise for a second time. In April, energy prices soared across the country as the cap rose from £1,277 up to £1,971 – an increase of £693 a year.
The energy cap is reviewed twice every year, in both April and October, and it looks set to rise again, with Ofgem chief executive Jonathan Brearley saying that the energy regulator is predicting an increase "in the region of £2,800". This could mean an increase of around £829 for many households – a 42% rise in costs.
If this is the case, then energy bills for millions of Brits will have more than doubled between March and October in 2022. Get exclusive celebrity stories and fabulous photoshoots straight to your inbox with OK!'s daily newsletter Around 22 million people in the UK pay their energy costs using the Ofgem price cap, which is designed to ensure customers pay a fair price for their energy and to stop companies from attempting to make excessive profits.
Speaking to the Business, Energy and Industrial Strategy Committee on Tuesday, Jonathan explained how "conditions have worsened in the global gas market since Russia's invasion of Ukraine", before outlining the predictions. He said: "This is uncertain, we are only part way through the price cap window, but we are expecting a price cap in October in the region of £2,800." Jonathan also told how he plans to write to Chancellor of the Exchequer, Rishi Sunak, in order to make him aware of Ofgem's latest estimations concerning the price cap.
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