With wholesale gas prices down 51% and electricity prices down 33% consumers are only seeing on average 5% reduction
Oil trading prices across the world have reach just $30 a barrel compared to $100 last year. This has had a knock on effect to the wholesale cost to gas and electric. However these large price drops have not been passed onto loyal customers.
Research conducted by energyhelpline.com has discovered that suppliers could be doing much more to redress the imbalance between wholesale prices and the rates they are charging. Director Mark Todd elaborates, ““It’s an absolute scandal that larger price cuts have not been passed on. Loyalty does not pay. The only way to get a proper energy price cut is to switch.”