Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “Gas and oil markets are in turmoil and ultimately it will be the public who pay the price.
“For the 1.5m UK homes on oil heating, the crisis starts now, with the cost of refilling a tank soaring by around 50 per cent.
“For other households the real worry is that continued turmoil means bills will rise in the months ahead.
“For gas and electric heated homes, most households are shielded by the price cap, which means the immediate impact will be limited.
“But if higher wholesale prices persist, they will feed into Ofgem’s next price cap decision later this year and could wipe out the modest relief families were hoping for.
“And while families face the risks that come with an energy system exposed to volatile fossil fuel prices, the energy industry has already generated more than £125billion in UK profits since 2020.
“Ministers must ensure the system works for consumers, not just energy giants, by continuing roll out of homegrown renewables, delivering a nationwide insulation programme and reforming how energy is priced.”
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