Why are we still paying high fuel prices?

Consumer Interests: Wholesale oil and gas prices are falling. When will our bills drop?

The average price of electricity for the first four months of the year is still almost €150 per MWh,  three times what would be considered normal levels. Picture: iStock

Energy prices on wholesale markets have been falling steadily over the last few months. When Russia invaded Ukraine last year, the price of a barrel of oil reached over $120. Today, it’s trading between $70 and $80.

And yet the price of electricity or gas has not fallen. Why is that? Are the energy companies keeping prices inflated in order to protect their profits?