According to the Times, other suppliers are expected to follow British Gas, which is thought to be particularly affected by rising gas prices due to shortages in its supplies.
Talking to the newspaper, an industry source explained: "They are really feeling these prices... so it is just a question of how long they can hold on without being forced to issue a profit warning.
"Nobody wants to be put in that position."
Speculation about the potential price increases has followed the comments made by Sam Laidlaw, the chief executive of British Gas owner Centrica, to a committee of MPs.
He stated that energy prices in the UK have to rise "at some point" due to the increasing wholesale costs.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.