Qualified advisers answering your
Financial Questions
call 0800 092 1245

Are UK energy prices set to fall?

Despite recent attempts to decouple the UK energy market from the oil sector there is now growing pressure on UK energy providers to reduce costs. After a report from the International Energy Agency today we saw a significant reduction in the price of oil which is now around $50 a barrel. The report suggested that oil consumption in 2009 could fall by as much as 2.4 million barrels a day, heaping significant pressure on the price of oil in the open market.

As oil, and petrol, prices continue to fall we should see a reduction in both food prices and inflation as a whole. However, it is the effect this could have the energy market which is catching the attention of many consumers in the UK who are still fighting to cover their ever-increasing daily cost of living. Despite a number of attempts by the UK government to instigate significant cost reductions in the energy sector we have yet to see any real movement, although recently the cost of some energy packages was reduced.

It will be interesting to see how the energy companies and the petrol retailers respond to the recent reduction in the price of oil and the potential pressure it may come under in the short to medium term. Hopefully, we should see some pressure removed from the UK consumer allowing some to catch their breath again and reduce their financial woes.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details