No let-up yet for household energy bills as oil resumes ascent

Crude price hikes in previous weeks will flow first into higher costs at the petrol pumps and will help push up prices for all types of businesses, if they are sustained. Picture: David Creedon

There's no let-up in sight for increases in household heating bills in the early winter months, as global oil prices resumed their ascent on Monday, analysts at home and abroad have warned.

Household utility bills started to rise sharply in recent weeks amid an unusual mix of shortages of European gas that is widely used to generate electricity. Global crude prices have also surged as the Opec and its oil producing allies seek to tap more revenues following the collapse of the price of crude during the worst of the Covid crisis last year.