17 October 2008
The watchdog Consumer Focus has called on gas and electricity suppliers to pass on recent falls in oil prices to their consumers in the form of lower bills. Chief executive Ed Mayo insisted that energy customers are among the last to see the benefits of the oil price drop, with petrol prices already coming down and airlines slashing their fuel surcharges. "We want immediate action from energy companies to reduce their prices," he stressed. "Oil prices have been falling since July, yet consumers have seen unprecedented rises in gas and electricity costs. They must now be wondering why they are left waiting." Oil prices are currently hovering at around $70 a barrel, down from a record high of $147 in July. Meanwhile, gas prices are up 51% on the beginning of the year and electricity prices are up 28%, according to Consumer Focus. But Garry Felgate, a spokesperson for the Energy Retail Association, told the BBC that wholesale energy prices are still high and are preventing suppliers from reducing their tariffs. According to the Office for National Statistics, soaring gas and electricity prices played a part in pushing up inflation in September.