By Enyichukwu Enemanna
Average UK families may pay more on energy from the month of October as the regulator, Ofgem on Friday announced an 80% rise.
The move looks set to further fuel inflation amid a cost of living crisis and put pressure on the government to act, UK Times reported.
Gas prices have soared to record levels over the last year as higher global demand has been intensified in Europe by low gas storage levels and a drop in pipeline imports from Russia following its invasion of Ukraine. This has also increased electricity prices.
Ofgem Chief Executive Jonathan Brearley said the rise would have a “massive impact” on households across Britain, and another increase was likely in January, reflecting significant pricing pressure in energy markets.
He said the government needed to deliver further help to homes.
“The government support package is delivering help right now, but it’s clear the new Prime Minister will need to act further to tackle the impact of the price rises that are coming in October and next year,” he said.
“The response will need to match the scale of the crisis we have before us,” he added.
Finance minister Nadhim Zahawi said he was working on a plan to be ready for the next government, which will be appointed when either Liz Truss or Rishi Sunak becomes prime minister on September 5.
