Oil and Gas Price Hike

The BBC stated on the 3rd March that "Energy bills could reach £3,000 as oil and gas prices soar".

Russia's invasion of Ukraine has made the trading, banking and shipping sectors reluctant to buy Russian commodities, pushing up prices. The price of Brent crude oil has reached its highest since May 2012 reaching $119 a barrel. This will see increases to the price of heating oil, petrol and other day to day essentials. 

Furthermore, with respect to Petrol Prices they have also hit a new record "The RAC said petrol reached £1.52 a litre for the first time, while diesel rose to a high of 155.79p."

Emma Pinchbeck, the chief executive of the energy industry body Energy UK, said: "It's a really worrying time for both customers and industry. She said that if oil prices remain at elevated levels "you can expect bills to be anywhere between £2,500 and £3,000 in October depending on the tariffs people have and what happens in the market".