Budget Energy is the latest energy provider to increase its prices, with a 9.5% hike announced for some customers next month.

The increase will apply to to its residential electricity unit rates and standing charges for customers on variable tariffs, effective from 4 August.

Customers on fixed-price tariffs will not be affected.

The company said that the rise is due to the "continued volatility" in wholesale energy markets along with geopolitical tensions and sustained pressures across the energy market.

Budget Energy NI's Managing Director Ken O'Byrne said they will monitor the market conditions closely.

"We understand this is unwelcome news, especially at a time when many households are facing pressure on everyday costs," he said.

"We encourage our customers to review their tariff options to make sure they are on the plan best suited to their needs."

Budget Energy said they will notify all affected customers directly in advance of the change, providing full details of the updated tariffs.

Last week, SSE Airtricity said household bills will increase by 6.2% from 1 August – about 20p a day, or £71.57 extra a year.

It follows an earlier increase by Power NI, whose electricity unit price increased by 6.2%, effective from 1 July.