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Apparently, fuel bills for a typical household or business are set to rise up to £3,000 annually in the coming months, as government help reduces. The most vulnerable will however receive more help in the form of cash payments. From April:
- households on means-tested benefits will receive £900
- pensioner households will get £300
- those on certain disability benefits will get £150
The energy price guarantee was initiated by the government, following concerns about the effect of a proposed 80% increase in energy prices. Liz Truss, who was the Prime Minister at the time, announced that the Energy Price Guarantee (EPG) would be introduced from 1 October 2022. It would reduce price increases for domestic customers, and set maximum prices for gas and electricity. Energy providers were compensated for providing lower prices.
The scheme was intended to last 2 years, but will now end in April 2023. The guarantee ensured that typical households paid £2,500 annually for their gas and electric. Chancellor Jeremy Hunt subsequently announced the guarantee would continue, but increase by £500 to £3,000 per year from April. Ofgem, the energy regulator originally set the maximum amount suppliers could charge households per unit of energy. But once prices soared after Russia’s invasion of Ukraine, the government announced its price guarantee would replace the energy cap.
Energy prices are expected to continue rising from April, and the £400 Energy Bills Support Scheme will no longer be available. Keep an eye on home heating oil prices to get the best deal, as they are liable to fluctuate wildly. Remember, despite it seeming counter intuitive, it’s always cheaper to purchase home heating oil during the warmer months. You can check current prices of heating oil on our website, and order conveniently online. You can also pay for your fuel by direct debit.
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