Britain’s energy companies were accused yesterday of profiteering by failing to pass on to consumers recent steep falls in wholesale gas prices.

Since the last round of retail price increases began at the end of July, wholesale gas prices have plummeted by nearly 19 per cent, after an even steeper drop in the price of oil. But none of Britain’s big six energy companies has indicated that they might pass on any reductions to consumers.

Tony Woodley, joint leader of the Unite union, accused energy suppliers of operating like monopoly companies “with a licence to print money”.

“Asking the greedy energy companies to play fair by the poor and vulnerable is like putting a drunk in charge of the brewery,” he said.

Ed Mayo, chief executive of Consumer Focus, said: “Prices have been falling since July yet consumers have seen unprecedented rises in their gas and electricity costs. Consumers must now be wondering why they are left waiting.” He demanded “immediate action” from energy companies to slash gas prices. “This will be good not just for consumers but for the whole economy.”

Maria Wardrobe, spokeswoman for National Energy Action, also called on energy suppliers to bring relief to the 5.2 million British households living in fuel poverty – defined as those spending 10 per cent or more of their income on energy.

“Our view is that these companies are very quick to pass on prices when they rise but very slow when they come down. The customer always seems to lose out. They must act now as people are really struggling.”

Ms Wardrobe pointed out that in the North East, 29 per cent of the population was living in fuel poverty.

A spokesman for Centrica, the owner of British Gas, Britain’s biggest retail energy supplier, pointed out that prices were still extremely high by historic standards.

Centrica raised prices by 15 per cent on January 18, when the wholesale forward price for gas bought for this winter was at 62p a therm. It lifted them again on July 30 by 44 per cent when they were at 90p per therm, but the equivalent wholesale price has now fallen back to about 73p.

While wholesale oil and gas prices have dropped sharply, British electricity prices remain high because of an acute supply shortage as Britain’s ageing power network becomes increasingly unreliable.

Large energy companies tend to buy gas using a range of short and long-term contracts, most of which are linked to the price of crude.

Global oil prices have more than halved since July 11, when they touched a record high of more than $147 a barrel. Prices have been driven down by fears that a global recession will sap energy demand. Yesterday the price of a barrel of Brent crude slid under $67 a barrel – the lowest for more than 15 months. The falls prompted Opec, the oil producers’ cartel, to call an emergency meeting next week in Vienna.

Centrica said there was a lag of six to nine months between oil and gas price moves under the terms of its contracts, meaning suppliers would not benefit fully from recent falls until next year.

However, the AA said yesterday that drivers were benefiting directly from the fall. It said average petrol prices have fallen by 6.5p a litre over the past month. Its report, a mid-month snapshot of fuel prices across Britain, does not reflect the supermar-ket price war in which prices dropped below £1 for a litre on many forecourts this week.

Average petrol prices between mid-September and mid-October fell from 112.9p a litre to 106.4p. Diesel went down from from 124.26p to 117.68p.

The cost of a barrel of oil depends on how and where it is produced. Oil from the free-flowing and easily accessible fields of Saudi Arabia such as Ghawar, the world’s largest, can cost as little as $5 a barrel. In contrast, oil extracted from the tar sands of Northern Canada might cost as much as $80 a barrel.

The quality of the oil is also critical. North Sea Brent crude is a lighter grade that is easier and cheaper to refine than the heavy, sour Soroush and Norouz crudes produced by Iran.

Money Central: 10 tips on how to cut your energy bills

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive