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UK consumers may face a fuel price increase of up to 40 per cent this year, it has been claimed.
A leading market analyst has suggested that, in order to maintain profitability, energy companies may create a series of price hikes, the Times reports.
The news provider highlights the fact that this would result in an increase in the UK's average energy bills from £1,048 to £1,467 within seven months.
An adviser to industrial and corporate clients on energy matters John Hall commented that the recent hike in global oil prices has affected the commercial energy market in the UK.
"Unless there is a dramatic fall in oil prices, that is the scale of increase we are talking about to ensure that energy companies keep their margins," he said.
Citigroup utilities analyst Peter Atherton agreed, adding that public outcry may result in a reduction of profits for UK's big six energy companies.
This may impact on the UK's fuel poverty - when households spend more than ten per cent of their income on heating the home.
The Local Government Authority recently claimed that insulation was the best way in which to tackle the crisis.
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