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Gas and fuel continue soars to record highs

energy costs
uel prices hit a new record high as fears over supplies from Russia continued to rock the market.

Household energy bills could rise even further after gas prices soared while fuel prices also hit a new record high as fears over supplies from Russia continued to rock the market.

Gas for heating rose by more than 70% to hit a new all-time high.

Prices are now more than 20 times higher than they were just two years ago, increasing on Monday from what were already record highs last week.

The price of a therm of gas, the commonly used measure, shot up to around 800p during the morning. It had been at around 460p on Friday.

Petrol prices soar in Aberdeen, Inverness and Elgin and rest of north-east: See how your local pumps compare

Figures show the average cost of a litre of petrol at UK forecourts on Sunday was 155.62p, up from 155.05p on Saturday, according to data from Experian Catalist.

The average cost of a litre of diesel reached a new high of 161.28p on Sunday, up from 160.85p on Saturday.

Shell and BP were once again among the top performers after the spike in oil prices.

Brent crude soared by 4.21% to 123.08 US dollars per barrel when the London markets closed.

The FTSE 100 ended the day down 27.66 points, or 0.4%, at 6,959.48 points.

Michael Hewson, chief market analyst at CMC Markets UK, said: “The best performers today have been in basic resources, and oil and gas, after seeing new record highs in European natural gas, copper, nickel and palladium prices today, and this has seen the FTSE 100 outperform today, despite hitting an intraday low of 6,787 soon after the markets opened.

“We did manage to see a sharp pullback in the afternoon session, recovering back above the 7,000 level briefly as investors get whipped from pillar to post.”

The pound decreased by 0.12% against the dollar to 1.311, while it rose 0.01% against the Euro to 1.207.