UK Energy Prices Drop 7% as New Price Cap Takes Effect

AI Summary

On April 1, typical household energy costs in the UK fell by 7%, translating to a £117 annual decrease, due to the new energy price cap. Gas prices are now capped at 5.74p per kWh, while electricity is capped at 24.67p per kWh. However, due to rising oil prices linked to the US-Israel war with Iran, forecasts suggest bills could increase by 18%, or £288, by July, bringing annual costs to approximately £1,929. The energy regulator Ofgem will announce the further price cap on May 27.