Energy firms 'told to cut prices'
Energy firms 'told to cut prices'
Monday 20th October 2008
Despite oil prices having fallen since July, consumers have still seen "unprecedented" increases in their gas and electricity bills, said Ed Mayo, chief executive of Consumer Focus.
Energy prices were a driving force behind the latest consumer prices index inflation rate of 5.2 per cent after electricity prices increased by 30.3 per cent in the last 12 months and gas prices went up by 49.9 per cent.
Mr Mayo said: "We want immediate action from energy companies to reduce their prices in line with falling oil prices."
Oil prices reached $147 (£84.70) a barrel in July but have since fallen by more than 50 per cent.
"Consumers must now be wondering why they are left waiting," Mr Mayo added.
High energy prices have brought about a significant increase in the cost of living and might be causing huge problems for people in serious levels of debt.
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