The man in charge of the UK’s largest domestic energy provider has stated that consumers will be hit with even more increases in gas and electricity bills.

Sam Laidlaw the CEO of Centrica ,which owns British Gas, blamed the price increase on the rise of oil and wholesale gas prices. It is therefore inevitable that customers will have to pay more. The head of Centrica refused to clarify exactly how much would be added to customer bills but confirmed that gas prices must increase.

MP’s from the Commons Business and Enterprise Select Committee were questioning Mr Laidlaw , as well as the leaders of the UK’s five other main energy supply companies, about the current energy market situation.

The committee also heard statements from smaller energy providers that accused the six largest energy operators of attempting to monopolise the electricity market. However, the CEO’s of the largest operators rejected the accusation.

Some industry analysts believe that consumers could now face an energy price increase of up to 40%. Other market experts fear that prices may even rise by as much as 50%.

Centrica has previously come under intense scrutiny for hiking its prices whilst revealing a massive £1.2 billion profit.