UK Money News
9th June 2008
Prepare for 40% increase in gas bills, warn energy experts
Britons have been warned to expect a 43 per cent increase in their gas bills over the next 12 months.
Electricity bills are also set to increase by 19 per cent, according to industry experts cited in a report from the Observer.
The increases are set to be fuelled by soaring wholesale energy prices, with oil hitting a record of almost $140 per barrel on Friday.
Joe Malinowski of TheEnergyShop.com said: "The last time wholesale gas prices broke above retail gas pres was three years ago in June 2005.
"In the following 18 months energy bills rose by a record 47 per cent. A very similar thing is going to happen this time around, except that this time the money increase will be higher."
Groups likely to feel the impact of the hikes most keenly are low earning families and pensioners, whose fixed income means that they will be hard pressed to pay the new tariffs.
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