Energy Prices Set to Spike Again This Winter, Warns Global Expert
UK households brace for another blow as energy prices could soar this winter, warns Fatih Birol, head of the International Energy Agency (IEA). Speaking on BBC’s Today programme, Birol flagged a perfect storm brewing: a booming Chinese economy combined with a harsh winter may push gas prices through the roof.
He slammed Europe’s past reliance on Russian energy, calling it a risky gamble that exposed consumers to price shocks. “Short-term commercial interests must not cloud long-term foreign policy,” Birol cautioned.
Energy Bill Relief May Be Short-Lived
Though energy bills have dipped lately thanks to a lower price cap, Birol says respite could be fleeting. A chilly winter and soaring demand could drive costs up again, leaving Britons struggling with fat bills as temperatures fall.
Fuel Duty Cut Fails to Help Drivers – Retailers Rake in Profits Instead
Meanwhile, motorists aren’t seeing relief at the pumps despite a 5p fuel duty cut introduced in March. Treasury Select Committee chair Harriett Baldwin has blasted petrol stations and supermarkets for pocketing the savings instead of passing them on.
- Competition and Markets Authority reveals retailers hiked their profit margins by 6p per litre from 2019-2022
- Diesel margins added an extra 13p per litre in just the first five months of this year
“The duty cut was meant to ease the squeeze on families, but it looks like retailers just stuffed their pockets,” Baldwin said. “Consumers got nothing from it.”
With winter looming and petrol prices stubbornly high, Brits face a double whammy of rising energy bills and fuel costs — all while some retailers line their pockets.
