Start to British Gas price rises
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Millions of UK homes face higher gas and electricity bills from Monday as the latest price rises from British Gas come into effect.
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Oil prices rose on Wednesday, pushed upwards by technical buying, but struggling to break above the narrow range that has persisted this month.
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SURGING oil prices are continuing to drive up British Airwaysâ fuel costs and persuaded it to continue its three-year freeze on the dividend yesterday despite rising profits.
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British wholesale prices, or the cost of goods at the factory gate, rose by 0.3 percent in September from August, driven up by record high crude oil prices.
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Gas prices in the UK are likely to remain high for at least another three years, a report predicts, due to record oil prices and supply shortages.
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Business & money: Oil prices shoot over $90 (Â£44) a barrel for first time ever, prompting fears of higher petrol prices.
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British Airways is to increase its fuel surcharge as a result of the continuing rise in the price of oil. The airline said its longhaul surcharge on all UK bookings will rise from Â£6 ($10.
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Energy experts warn that the jump in the price of crude would raise prices for heating oil and gasoline in coming weeks.
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British Gas on Tuesday announced sharp increases in domestic natural gas and electricity bills, blaming part of them on the high cost of wholesale gasoline.
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Phoenix Natural Gas is to increase its prices for the third time in a year, with the average bill Â£12 a week.
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Oil prices briefly climbed back over $50  on Tuesday, pushed higher by supply outages in the North Sea  and fears about low stocks of winter heating fuels.
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The pound rose after news that UK producer prices rose sharply in January to levels not seen in nearly five years.
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Oil rose nearly $1 on Monday to match  its highest in almost a month, extending last week's late gains  as Venezuela threatened to halt oil exports to the United  States and bomb alerts shut down one of Britain's largest gas  fields.
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Oil prices blasted higher yesterday, surging above $44 a barrel after government data showed a slight decline in crude and heating oil supplies as a Northeast cold snap drove up fuel demand.
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Business & money: British economy faces rising costs of food and increasing energy prices amid slowing growth
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Strong demand for gasoline and tight motor fuel inventories will push pump prices higher in July and August, the government said on Tuesday.
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Hike in cost means most of British Gas's 16m customers will pay around Â£130 more this year