Ofgem

The UK's national reporting centre for fraud and cybercrime, Action Fraud, has issued a warning to consumers over fake text message scams which claim to be from energy regulator Ofgem offering a £400 discount on bills. 

Oil giant BP has reported a quarterly profit exceeding $4 billion alongside annual profits at an eight-year high as the company benefits from a surge in global energy prices.

Average yearly UK household energy bills are expected to rise by £693 to £1,971 in April as the energy regulator Ofgem announces a 54% energy price cap increase amid rocketing oil and gas prices.

According to recent research, the number of UK households affected by “fuel stress” is set to treble to over 6 million when the energy price cap comes into effect on 1 April.

Bank of England (BoE) deputy governor Ben Broadbent has suggested that UK inflation could reach more than 5% in 2022 due to rising retail energy prices and supply chain pressures.