Despite Vladimir Putin's war in Ukraine triggering a global energy crisis, UK gas prices are currently lower than they were when the conflict began, The Express reports. This has caused many to question whether households will get some relief from incredibly high energy bills.
According to the latest data from Trading Economics the wholesale price of gas in the UK has fallen below its level at the start of the Ukraine conflict. In the first few days of 2023, natural gas futures fell below 170p per therm - the unit of heat energy - whereas it cost over 500p immediately following Putin's invasion, and rose to over 650p in August.
Gas is used to heat up to 80 percent of British households, and is used in just under 40 percent of the country's electricity according to the Office for National Statistics. Prices were sent soaring due to restrictions imposed on Russia, which is the world's largest exporter of the commodity.
