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Gas prices shot up by a third in last week of July according to ONS

04 Aug 2022 2 minute read
gas burner by paloetic is licensed under CC BY-NC-SA 2.0.

Gas prices shot up nearly a third in the last week of July to reach the highest average cost since mid-March, according to new data.

The Office for National Statistics (ONS) has revealed that the National Grid saw the average price for gas increased by 31% to 9.8p per kilowatt hour over the week to July 31.

Energy prices have risen significantly in recent months with prices surging by two thirds in the first week of March, following Russia’s invasion of Ukraine.

Prices have been rising steadily since mid-May, the Office for National Statistics (ONS) said on Thursday.

It comes as energy giant BP revealed its second-quarter profits more than trebled to reach a 14-year high, sparking anger from political groups over energy companies’ soaring earnings.

Highest ever levels

Spending on car fuel jumped 9% in the week to July 31 compared to the previous week, ONS’s report found.

It was also a 54% increase on the previous year and more than double the average amount spent in February 2020 before the pandemic struck.

Fuel prices hit their highest-ever levels earlier this summer as the UK’s cost-of-living crisis worsened.

But major retailers are still increasing their petrol prices despite wholesale costs of unleaded petrol dropping, the RAC said this week.

Retail spending also jumped 18% in the last week of July compared to the previous week as people hit the shops during the schools holidays.

Meanwhile, spending on entertainment increased 10% in the same period but remained the only sector where people have cut spending since before the pandemic.

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1 year ago

Consumers are being led by the nose into even deeper fuel poverty by the big energy corporates, while the government and many non ministers stand idly by no doubt looking forward to the odd non executive directorship or consultancy contract once their days in the House are terminated abruptly at the next GE. This is a most savage redistribution programme and there is no prospect of energy prices ever dropping back to even the pumped up prices that existed before this “crisis”.

1 year ago
Reply to  hdavies15

.. and read elsewhere – “Ofgem’s chief executive pleaded for people not to take part in the growing campaign stop paying their energy bills, since it will raise prices across the board.”

Why doesn’t Ofgem’s chief executive go pleading to the big energy corporates to stop overcharging for their supplies as evidenced by massive surges in profits ? . Or is he just a tame puppet who will do nothing likely to upset those working his strings ?

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