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Bank charges: Gas prices could be artificially lowered, expert says

Gas prices could have hypothetically been lowered as a result of a individuals making a number of small trades below the market price, according to a leading expert.

David Hunter, analyst at M&C Energy Group, explained to the BBC Wake Up to Money podcast that this may be done to benefit other trades or contracts they have.

The comment come following allegations that there has been manipulation of UK wholesale gas prices, which is being investigated by the Financial Service Authority and Ofgem.

Mr Hunter has suggested that this lack of transparency in the market is a concern.

"The link between wholesale price and the retail price is actually a slightly different area that affects domestic bills in terms of how and when suppliers buy their aggregate gas supplies to sell onto us as domestic consumers," he said.

"That is certainly opaque and certainly needs reform regardless of what's happening today."

Energy firms have increased their prices once again this year, leaving customers out of pocket who may be struggling with bank charges.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801489285-ADNFCR

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