Oil prices briefly hit $US85 ($NZ143) a barrel on Tuesday. UK wholesale gas prices nearly doubled — the biggest two-day rise since comparable records began in the 1990s. UK gas prices have leapt to about 142p ($NZ3.21) per therm — if purchased now for delivery between June and August — from 60p-70p earlier this year. "It’s potentially very alarming and has a very serious impact for the UK economy," Good Energy chief executive Nigel Pocklington said. He added that UK suppliers will inevitably cut their cheap tariffs because they look unaffordable given the shifting circumstances.

Source: Otago Daily Times March 08, 2026 16:16 UTC