The price of a barrel of oil has dropped from £70 to £32 over the last year, while average UK household energy bills increased by 42 per cent.
Gavin Hayes, general secretary of the independent left pressure group Compass group, told the newspaper there is "a huge amount of anger about energy bills" among back bench MPs.
He added: "We have seen a massive fall in the price of oil, yet the energy firms are refusing to pass those reductions on to customers at the time people need it most.
"There is a real suspicion that profiteering is taking place and many Labour MPs want to see action taken in the Budget."
Ed Mayo, the chief executive of Consumer Focus, recently said that Ofgem must make reducing consumer bills its priority.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.