Energy bills farce: Gas prices collapse but YOUR bill will stay sky-high until 2027 - 'Absolute joke!'

Gas bills remain unlikely to drop “for the next two or three years” despite a wholesale price fall, experts have warned.

The demand for gas has dipped as a result of warmer weather and plenty of wind throughout winter, resulting in a short-term drop in wholesale prices.

However, the trend will not see household bills fall as suppliers buy the majority of their gas in advance, which is often at a higher price.

The Government’s energy price cap does not currently meet gas prices, meaning consumers are unlikely to reap the benefits for a while.

Mike Fulwood, Senior Research Fellow at the Oxford Institute for Energy Studies, told the Mirror a drop of prices is unlikely “until 2026 or 2027 when we get a lot more supply of liquefied natural gas on the market”.

He warned that the drop trend continuing for a long term would be "abnormal", meaning markets are not confident of the situation continuing to improve.

Mr Fulwood said: “There's all sorts of things that might happen on the supply side. Putin could reduce flows even more, which could spike prices up again.

“I think things are likely to happen to make the situation worse. I'm sure Putin will use gas supplies again at some point in time. So that will it will put the rest up so there isn’t a respite for two to three years.”

Gas prices fell to levels not seen since the run-up to Russia, with the price of commodity dropping by over 4pc to 178p a therm.

It was last under 180p on January 21 before it rose gradually as the war in Ukraine escalated, hitting 329p on February 24, as tanks crossed the border.

A peak level saw the cost at 87p a there in August as fears of supply interruptions in Europe arose.

A therm is a unit of energy equivalent to 100 cubic feet of gas, which should be enough to run a typical central heating system for around an hour.

Social media users have taken to Twitter to discuss a gas price fall not being on the horizon, with one saying: “We never had this problem when gas was nationally produced, stored and owned.

“This is speculation with consumers’ money. No wonder they want to raise everyone’s direct debits.”

Another said: “It’s unlikely they’ll put customers ahead of profits.”

A further user commented: “Some profiteering going on here disguised by phrasing of when energy supplies ‘buy’ from producers.”

Another Twitter user stated: “We are being ripped off.”