As petrol prices are coming down will gas and electric go down too?

[2bowlio]

I don't really understand how gas and electric or petrol are priced so just hoping??

Possibly for some. The larger companies hedge their supply meaning they buy months in advance. This makes them a secure and stable supplier unlikely to go bust. Plus the ones that adopted customers from bust companies (who didn't hedge) will have incurred extra costs. The electricity you're using today from Eon for example could have cost as much as $300 per barrel (rough price in July 2022) when they secured the supply, today's price is something like $80 per barrel. That's a huge difference.

Dropping prices mean making a loss per kWh which wouldn't go down well in any company.

Smaller companies that don't hedge as far in advance and that were frankly lucky to get away with not doing so when the price sky rocketed might be able to lower their prices so you might see smaller companies offering deals lower than the price cap.

It'll be interesting to see how it pans out. I'll be satisfied if the drop in price means no more rises for a long while to the price cap.

Sadly perol prices have just risen a little and may go up a little more as OPEC have just reduced output.