Fears over possible gas price rises

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Gas prices across the UK could increase due to the current row between Russia and Ukraine, it has been reported.

Wholesale gas prices rose sharply yesterday [January 6th], with same-day delivery barrels increasing by eight pence and costs expected to rise further throughout today, reports the Guardian.

The UK imports only small amounts of gas directly from Russia, but does take deliveries of the commodity from continental Europe, which relies on Russia to provide the barrels.

Andrew Horstead, research manager at Utilyx, told the newspaper the UK was "not experiencing any supply shortfall at the moment".

He added: "Prices are reacting to the cold weather and the pick up in demand.

"The market is taking a rather cautious approach to see how far the (Russia/Ukraine dispute) escalates. If the situation continued for the next week or 10 days it could start to have implications for the UK."

Earlier this week, ScottishPower launched a new reduced fixed price energy tariff, offering a ten per cent reduction on current gas prices until January 31st 2010.

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