New gas price hikes predicted to raise next price cap by £475!

Price cap is forecast to jump from £1,277 to £1,752, new analysis forecasts

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As gas prices continue their relentless rise, households are predicted to be battered by a further record increase in the coming months.

Analysts from the energy comparison service Energy Helpline predict that if these prices will remain at that level for the next two or three months, the price cap on standard tariffs could be raised by £475.

That means it will jump from the current £1,277 to £1,752.

The forecast surpasses a recent estimate by Cornwall Insight that predicted that soaring wholesale gas and electricity prices will make the default tariff price cap climb to approximately £1,660 next year.

Yesterday, UK gas prices soared as much as 17%, moments after Germany suspended approval for Russia’s Nord Stream 2 gas pipeline into Europe.

Wholesale gas was worth 240p per therm yesterday while it was 60p per therm in January.

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