The last year has seen domestic gas prices soar at an unprecedented rate, increasing by as much as 36 per cent between June 2022 and June 2023.
According to a government research briefing on the rising cost of living in the UK, one of the largest increases over the last year was fuel.
It recognised that after Russia went to war with Ukraine, gas prices hit record levels as Russian cut its supply to the rest of the world.
The biggest jump was witnessed in April 202, after which point the annual increase continued to rise but at a slower rate.
At the same time that domestic gas prices jumped by more than a third, domestic electricity costs also rose by 17 per cent.
Billpayers were saved from paying extortionate fees thanks first to Ofgem’s price cap, which prevented prices escalating too much.
However, the government then introduced the Energy Price Guarantee, which capped energy use at £2,500 a year for a typical household from October 1st 2022.
This was then increased to £3,000 from April 2023, and came to an end at the beginning of July 2023.
Customers are now protected against surging prices with Ofgem’s price cap once more, which is currently set at £2,074 for an average household. This drop reflects the decline in wholesale energy prices.
To avoid paying more than necessary for gas bills, it is important to have a central heating system that is as efficient as possible.
Check whether your boiler needs repairs to run more efficiently by getting in touch with our plumbers in East Dulwich today.