Rising price of oil could send our energy bills soaring even higher

They say gas prices will rise by up to 43 per cent and electricity by 21 per cent.

At the same time, annual dual fuel bills are likely to jump by £360 a year, taking them above £1,400.

But some experts claim the estimates are too conservative and predict that the figures will be even worse.

Energy bills could soar even more, according to reports

The warning comes after the wholesale price of gas surged by more than 5 per cent on Friday to hit an all-time high. Fuel companies say they were forced to make the increases after the cost of a barrel of oil hit a new high of 139 dollars.

But consumer groups have claimed the link between wholesale gas and oil prices bears no relation to the normal rules of supply and demand, and that producers are simply out to make huge profits at the expense of consumers.

Many families have already been hit by rising mortgage, petrol and food bills.

Analysts at the website TheEnergyShop.com said the price of gas has surged by 76 per cent since the start of the year, while the cost of electricity is up 50 per cent.

Joe Malinowski, an analyst and the website's founder, said: 'The last time wholesale gas prices broke above retail gas prices was two years ago, in June 2005.

'In the following 18 months, energy bills rose by a record 47per cent.

'A very similar thing is going to happen this time around, except the money value of the increase is going to be even higher.' He also advised consumers to sign up to fixed price tariffs, which, although they are more expensive, will offer protection against the worst of the increases.

A study published by the British Retail Consortium today also shows consumer confidence has slumped to a record low.

The survey of 1,000 people, in association with retail analysts Nielsen, produced a confidence reading of 79 - down from 91 last year, and the lowest figure in its five-year history.

Stephen Robertson, the BRC's director general, said: 'With one in five consumers saying that they have no spare cash, customers are telling us they are cutting back on spending on all sorts of nonessentials.

'It's clear we are seeing the effects of customers' concerns about the future and about their own levels of debt.'