"The reality is that the global supply of oil and gas is going to be down by maybe 20%. It's a supply crisis, which means everybody needs to consume less."
"The latest forecast from consultancy Cornwall Insight estimates the cost of a dual-fuel bill will rise by 17.6% from July, swamping the 7% cut in April."
"Over time, these higher costs are expected to feed through to prices across a wide range of products. The price of diesel almost reached 2 a litre on Tuesday."
Labour ministers are urging calm amid an energy crisis linked to the Iran war, but concerns arise over the effectiveness of this messaging. Experts warn that global oil and gas supplies could drop by 20%, necessitating reduced consumption. While the government plans a £117 annual cut to household utility bills starting in April, forecasts indicate energy costs will rise again in July. The surge in oil and petrol prices since recent military actions is expected to impact overall product prices significantly.
Read at www.theguardian.com
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