Gas prices are likely to stay high for years, but petrol prices should fall back sooner, according to new analysis.
The Centre for Economics and Business Research warned that “the cost of heating your house on gas may well stay up for years rather than months” as Europe faces the potential loss of Russian supplies and infrastructure challenges in replacing them.
However, it said there was “some hope for early relief at the petrol stations” as it believed that a series of factors “should work to bring the price of oil down by the end of the year”.
Prices for both oil and gas have surged since Russia’s invasion of Ukraine amid uncertainty about supplies, pushing up prices at the pump and home heating costs.