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PM: Energy prices are not falling fast enough

David Cameron has told MPs energy prices are not falling as fast as he would like to reflect the fall in oil prices.

The Prime Minister's comments come as a new survey claims three in five older people will ration their heating this winter amid fears over bills.

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Ofgem: Energy bills fallen very little for most consumers

A drop in wholesale energy prices hasn't transferred over to domestic bills. Credit: PA

The energy watchdog has said that most consumers on standard variable tariffs have seen "very little" change to their energy bills over the past year.

In a statement to ITV News, Ofgem said:

Falls in wholesale prices have resulted in better deals for many consumers who are on fixed tariffs.

But for the vast majority - the 70%of consumers who remain on standard variable tariffs - energy bills have fallen very little this year.

In a properly functioning market, when costs fall, competition should be driving down prices for all consumers, whether they are on fixed rate or standard variable tariffs.

– Ofgem
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PM: Energy prices are not falling fast enough

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