The UK Natural Gas price has just hit a 12 month high and is still rising fast (as of 1300 GMT it is 13% up on 2025) as Qatar suspends LNG gas production and exports.
This will impact the energy price cap which takes effect on 1 July 2026. Heating oil is also at a 12 month high – 30% up year on year, which will be a concern to rural communities.
A spokesperson for the End Fuel Poverty Coalition, commented:
“Fresh highs in wholesale gas prices underline that UK households remain dangerously exposed to volatile global markets and that the UK’s own gas is running out. Within a few years we will no longer be able to meet heating demand from the North Sea, leaving families even more exposed to price shocks from abroad.
“As long as our energy bills remain dependent on gas, households will keep being hit by global price shocks. The most durable way to protect people is to cut demand through a nationwide insulation programme, invest in homegrown renewables and reform energy pricing so bills are no longer tied to volatile fossil fuel markets.
“At the same time, energy share prices are surging again. With industry lobbying the Treasury to end the Windfall Tax early, there is a real danger the crisis once again becomes a cash machine for the energy giants.
“Ministers must reject industry pressure and remember that a handful of energy firms have generated more than £125bn in UK profits since 2020.”