Prices are now more than 20 times higher than they were just two years ago, increasing on Monday from what were already record highs last week.
The price of a therm of gas, the commonly used measure, shot up to around 800p during the morning. It had been at around 460p on Friday.
It is likely to lead to an even bigger squeeze on households. Energy prices are already set to increase by more than 50 per cent to close to £2,000 for the average household on 1 April this year.
Last week, when gas was trading at much lower levels than on Monday, experts predicted the price cap will rise by around £1,000 to more than £2,900 in October when it is next changed. However, the rise could come sooner if industry regulator Ofgem decides the market cannot handle the pressure.
Earlier this year, the watchdog gave itself new powers to step in between price cap periods to adjust the amount that suppliers can charge. It came as the price of oil also surged to its highest...