And he claimed that even if prices start to rise again they are unlikely to hit the high levels they reached in 2008.
He said: "This is excellent news, of great import. The trend for gas and electricity bills is downwards; diesel is back at the same price as regular gasoline; the world is practically choking on gas, and is potentially awash with oil."
Mr Trefgarne noted that energy suppliers are set to be hauled in front of Ofgem to explain why they have not lowered their prices in the wake of wholesale reductions, and he claims that they have said they are about to drop the cost of their electricity and gas.
So now could be a good time to consider switching energy supplier or at least comparing prices online.
Robert Hammond, energy expert for Consumer Focus, recently claimed that energy prices have the potential to fall by a further ten per cent.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.