Energy suppliers 'set to reduce gas prices'

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Energy suppliers across the UK are all expected to reduce their gas prices over the coming months, according to reports.

Following ScottishPower's announcement this week that it is launching a cheaper tariff with a ten per cent reduction on current gas prices, it is expected the other five rival energy firms in the UK will follow suit.

It is expected that all energy suppliers will pass on lower wholesale gas prices, with similar reductions of around ten per cent expected over the next three months.

The Daily Mail reports however that an "energy war" between Russia and Ukraine could result in wholesale prices beginning to increase again in the coming months.

Wholesale prices have fallen by 40 per cent since last summer, but the dispute between the two countries, who supply most of Europe with gas, could see prices rising again.

Ed Mayo, the chief executive of Consumer Focus, recently said that energy regulator Ofgem needs to make reducing consumer bills its priority.

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