Consumers have been advised to switch gas and electricity suppliers, as higher energy bills could be on the way.
Within the first few months of the year, most energy suppliers cut their domestic and business energy prices as wholesale gas and electricity prices fell. But as they are now back on the rise, the increasing costs could soon be passed onto customers.
Energy suppliers npower are among the first to raise prices, after switching around 100,000 online customers back to the more expensive standard tariff, which will cost households up to £120 a year.
New energy provider Ovo, which was the cheapest of all the UK's energy suppliers when it launched, has also increased the price of its online fixed rate tariff by eight per cent.
Mark Todd, managing director of price comparison website energyhelpline.com, pointed out that now is a good time for consumers to compare energy providers and switch to a cheaper fixed tariff for greater peace of mind.
If you want to find out more about your energy options and how you could save up to £378 in minutes, click here.