Oil: Prices

Department for Energy and Climate Change written question – answered on 16th January 2015.

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Photo of Dan Jarvis Dan Jarvis Shadow Minister (Justice)

To ask the Secretary of State for Energy and Climate Change, what steps he is taking to encourage energy suppliers to pass on savings made from falling oil prices to consumers.

Photo of Matthew Hancock Matthew Hancock Minister of State (Department for Business, Innovation and Skills), Minister of State for Portsmouth, The Minister of State, Department of Energy and Climate Change

Holding answer received on 12 January 2015

The Government is closely monitoring whether energy supply companies are passing on to their customers the benefits of plunging oil and gas prices as quickly as possible. I have written to the six largest energy companies to insist this happens, and will meet them shortly. Ofgem has referred the gas and electricity markets to the competition authorities to ensure those markets are working effectively. The Competition and Market Authority has been clear it will be looking at the relationship between wholesale costs and retail prices as part of its investigation.

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