Flogas Energy has announced that it will raise prices for both electricity and gas customers starting next month.

Average electricity prices will increase by 8.1% and gas will increase by nearly one-fifth and increase by 19.8%.

Price changes will take effect from August 19th.

Mr Frogus said the rise was due to “a continuous and unprecedented rise in wholesale gas prices and the accompanying rise in wholesale electricity costs.”

The company added that although the unit price will be raised, it “does not affect the daily rate of electricity and gas supply.”

Starting next month, the unit price of residential electricity will rise by 9.8% and the unit price of residential natural gas will rise by 24.1%.

“Conflicts in Eastern Europe have created significant uncertainties surrounding the reliability of gas flows, adding to the existing pressure on prices in the European energy markets,” Frogus said in a statement.

“Wholesale prices are expected to rise further over the winter, with few signs of improvement in the medium term and continued volatility,” he said.

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