Energy bills could rise by £160 after Iran conflict pushes gas prices higher
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UK household energy bills could rise by £160 annually starting this summer, potentially reaching £1,800 per year, due to increased gas prices following conflict in Iran. The UK gas market has reached a three-year high after Tehran halted oil and gas shipments through the strait of Hormuz. While Ofgem fixed energy costs at £1,641 annually from April to July, the regulator will recalculate costs for the next quarter, considering the recent market price surge. Motorists are already experiencing increased petrol and diesel prices. The UK's heavy reliance on gas and limited storage contribute to steeper price rises compared to other countries. The government is monitoring the situation, emphasizing the need for energy security through homegrown power.
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