Shell blames hedge funds and speculators for sending gas prices to record highs
Shell said the movement of large amounts of money in and out of the market meant prices were less linked to actual supply and demand.
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Shell said the movement of large amounts of money in and out of the market meant prices were less linked to actual supply and demand.
The conflict could cause the UK gas price to increase to as much as 1,000 pence per therm - more than double its peak in December which stood at just over 450 pence per therm.
Analysis by MailOnline shows that, under 'time-of-use' tariffs, a cup of tea could cost Britons a penny more in the evening than it does at midnight.
Hospitality bosses say the increase to customers has been driven by a huge spike in labour costs and the return of the 20 per cent VAT rate in April on top of energy price rises,
Ofgem chief Jonathan Brearley yesterday warned of a surge in energy bills - possibly another £700 a year - if gas supplies are hit by a Russia invasion of Ukraine.