A supplier that previously cancelled plans to increase its energy prices has announced that it will be reversing that original decision.
Ovo's new customers will now see their fixed-rate dual fuel tariffs increase by 7.7 per cent; meanwhile those on an electricity-only tariff will also see an increase of 3 per cent, according to an article published by BBC News.
Variable-rate customers will also see dual-fuel prices increase - by 6.2 per cent. These rises will come into effect as of May 3.
Managing director at Ovo, Stephen Fitzpatrick, explained the reasoning behind the u-turn.
He said: "At Ovo Energy, we buy our energy a year in advance and due to recent sustained increases in wholesale prices, our prices now need to go up."
Ovo's actions have led many industry commentators to speculate on whether other energy suppliers could soon follow suit.
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