Consumers ''would be unable to cope with future energy price increases''

By MoneyhighStreet Staff. Published on July 11, 2008 This post currently has no comments.

Bill
The majority of people in the UK do not believe they would be able to cope with future utility price increases, a new report has warned.

It has been suggested this week that energy bills could rise by 40 per cent before the end of the year. However, research from moneysupermarket.com found that 86 per cent of consumers think they would be unable to afford any increase.

Worryingly; the survey found that 40 per cent of consumers are already finging it hard to meet their utility bills.

"With price rises on the horizon it is even more important to get on the best value tariff for their area and usage," commented Paul Schofield, head of utilities at the website.

"Customers have the option to protect themselves against any increases by ''fixing'' their bills now until the end of 2009.

"On average, there is only a 2p a year difference between standard and fixed tariffs so customers should have no excuse for not protecting themselves against future increases."

After some falls earlier this week, oil prices rose again yesterday (July 10th) on fears about Iranian production and news that rebels have ended their ceasefire in Nigeria. The AFP news agency reported that prices jumped over $5 to above $141 a barrel.