ENERGY bills and petrol prices in the UK could rise due to Russia’s invasion of Ukraine.
British consumers are facing more financial pressure as the cost of living is pushed even higher by the conflict.
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Russia is one of the world’s largest oil producers and there are concerns that the war in Ukraine will hit distribution and supply of petrol.
Consumers are also worried it could push energy bills up even higher, following reports they could hit £3,000 a year by October.
They’re already set to jump by £693 in April when the energy price cap rises.
The government has published a guide to address consumer concerns about the cost and supply of petrol and energy.
We explain five things you need to know about rising fuel and electricity bills.
Will the gas supply be disrupted?
The government has said the UK’s gas supply will not be cut off or disrupted.
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It said “the current situation facing the UK is not a question of security of gas supply”.
Instead the concern is “high gas prices set by international markets”, which are increasing due to the war.
Rising wholesale prices will be passed on to UK households, putting more pressure on families who are already battling a cost of living crisis.
Russia is one of the world’s largest oil and gas producers, supplying Europe around 40% of it’s gas.
While Britain only imports around 5% of it’s gas from Russia, the UK relies on pipelines that run through Belarus, Poland, Ukraine and into Germany.
What is the government doing to help stop price rises during the conflict?
The government hasn’t announced any new measures to help households due to the expected rise in costs due to the war in Ukraine.
Consumers currently have to rely on support that has already been allocated to help with the rising cost of living.
Ministers previously announced a £200 reduction in bills to help with soaring energy costs.
However that discount will eventually have to be repaid.
You also might be about to get a £150 council tax discount from April.
Will fuel prices at the pumps rise?
Prices at the pumps are expected to rise as the global price of crude oil has rocketed.
The price of oil climbed to almost $100 a barrel on Friday – the highest level in seven years – and is currently at $94.56
Petrol costs are linked to the price of oil on the wholesale markets.
The more it costs to purchase and supply the oil, the more petrol stations will have to pay, which is then ultimately passed on to motorists at the pumps.
RAC data shows the average unleaded petrol price hit 149.67p per litre last week and is likely to rise to 150p within days.
The government said it will “do everything we can to mitigate that and to help the people of this country”.
But it added that it is “one of the reasons why the whole of western Europe must end its dependence on Russian oil and gas”.
The worst of the price increases are yet to come, as changes in crude oil prices feed through at the pumps over the course of six to seven weeks.
However, drivers shouldn’t stockpile fuel now as that will only make the situation worse.
“We are in regular contact with the industry and making it clear that industry should not take advantage of increased demand to put up prices sooner than necessary,” the government said.
Will UK fuel refineries or imports be disrupted by sanctions?
The government said the UK “is a significant producer of both crude oil and petroleum products”.
The country holds oil stocks in the “unlikely event” of a major oil supply disruption.
The level of oil stocks prescribed by the International Energy Agency is accepted as being sufficient to ensure resilience in the event of a major global supply disruption.
UK oil reserves are significantly above the 90 days required by the IEA, the government said.
What other help is available if I’m struggling with the rising cost of living?
Eligibility for the warm home discount is being expanded by almost a third so three million vulnerable households will now benefit.
The grant is also being hiked by £10 from October, taking it to £150.
You might also be eligible for the £25 cold weather payment when temperatures drop below 0C.
Families have got around one month left to apply for a grant from the £500million household support fund.
The cash is handed out by councils across the country, and the eligibility requirements and help you can get depends on where you live.
Check with your local authority to find out what help you’re entitled to.
You should also make sure you’re getting all the benefits you’re eligible to claim.
Charities such as Turn2Us provide an online benefits calculator so you can check you’re not missing out.
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