In a speech at the All Energy conference in Glasgow yesterday, Brearley stated that gas markets were in a ‘febrile state following Russia's invasion of Ukraine’ and that due to this, there will be ‘further price increases later this year’.

The widely predicted increase in October comes on top of the £693 rise for standard tariff customers, affecting around 18m households, and the £708 rise for pre-payment customers, affecting 4.5m households, which was seen in April this year when the price cap was last raised.

Consumers in Northern Ireland, which is not covered by the price cap, have already seen significant increases in bills, with energy company Firmus Energy raising their prices by 16.31% from 3 May which affected around 59,000 domestic customers. This increase meant a typical household with a prepayment gas meter saw costs rise by around £201 per year to £1,432.