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Consumers face 30% gas rate hike Consumers face 30% gas rate hike
(30 minutes later)
Consumers in Northern Ireland are facing a £200 annual rise in their gas bills. Consumers in Northern Ireland are facing a rise of almost 30% in the price of gas over the next few days.
Last spring householders were feeling well off thanks to a booming housing market, and low interest rates. The figures have to be confirmed, but the average bill from Phoenix Gas is now expected to rise to about £580 per year - an extra £130.
The increase comes on top of rising food and petrol prices.
The assembly's enterprise and trade committee will meet on Thursday to discuss the escalating energy price crisis.
Last spring, householders were feeling well off thanks to a booming housing market, and low interest rates.
This time last year, Phoenix gas cut prices by 14% and was talking of further reductions.This time last year, Phoenix gas cut prices by 14% and was talking of further reductions.
Later, the company will brief journalists on what could be a whopping 30% increase, with the blame going on the rising wholesale cost of gas.
The fact that oil prices have soared to more than US$ 120 a barrel will also be presented as evidence of the price pressures on energy suppliers.The fact that oil prices have soared to more than US$ 120 a barrel will also be presented as evidence of the price pressures on energy suppliers.
On Wednesday, the BBC was quoted £519 for 900 litres of central heating oil, and in the last two weeks alone there have been six price increases in the cost of oil.On Wednesday, the BBC was quoted £519 for 900 litres of central heating oil, and in the last two weeks alone there have been six price increases in the cost of oil.
Just as the credit crunch shows signs of slackening, this potentially much bigger problem has now appeared.
Even the experts in the oil and gas industry do not seem to know when it will all end.Even the experts in the oil and gas industry do not seem to know when it will all end.
Some hope that falling demand during the summer months will discourage the speculators who have been helping drive prices ever higher.Some hope that falling demand during the summer months will discourage the speculators who have been helping drive prices ever higher.
On Friday, the assembly's Enterprise and Trade Committee will meet to discuss the escalating energy price crisis. On Friday, the assembly's enterprise and trade committee will meet to discuss the escalating energy price crisis.
But there is no pot of money there to shield consumers in Northern Ireland from the full impact of what is happening in world markets.But there is no pot of money there to shield consumers in Northern Ireland from the full impact of what is happening in world markets.
Just as the credit crunch shows signs of slackening, this potentially much bigger problem has now appeared.Just as the credit crunch shows signs of slackening, this potentially much bigger problem has now appeared.
Meanwhile, Firmus which supplies more than 3,000 customers in towns and cities across Northern Ireland has confirmed that it will hold prices at current levels.Meanwhile, Firmus which supplies more than 3,000 customers in towns and cities across Northern Ireland has confirmed that it will hold prices at current levels.
The company said it would maintain the cap on prices until the end of 2008.The company said it would maintain the cap on prices until the end of 2008.