The energy industry has insisted it is passing on to consumers sharp falls in wholesale oil and gas costs after the Government said firms were being watched "like hawks."
The body representing household suppliers spoke up after the Chancellor confirmed a review of pricing in areas such as motor fuel, air fares and utilities.
A Treasury spokesman said: "The Government is conducting studies of industries like the utilities and the airlines.
"We are examining if any action needs to be taken."
The cost of a barrel of Brent crude is currently hovering slightly above $50 - after falling below that figure for the first time since 2009 in early trading on Wednesday.
Prices have fallen more than 50% in just three months because of a glut in supply and shrinking demand due to fears over the outlook for world economic growth.
While George Osborne welcomed further falls in fuel pump costs recently, he said it was vital that the slump in the oil price was passed on to households.
Energy UK, which represents the so-called 'Big Six' household firms including British Gas, insisted families were benefiting in full.
Its chief executive Lawrence Slade said: "Energy suppliers are passing on price cuts to customers.
"When people shop around they can easily find deals that are over £100 cheaper than this time last year and in line with cuts in wholesale energy prices."
Firms have argued that because they have to buy raw energy up to three years in advance, they can not simply cut bills by 50%.
They point out that the wholesale cost now makes up less than half of the total bill - with other network charges rising sharply in recent years.
But the price comparison website, uSwitch, accused firms of failing customers on standard tariffs.
Whilst quick to pass on rising costs, the big six energy suppliers are yet to reduce bills for the majority of their customers who are on standard tariffs.
Its energy spokesman Tom Lyon said: "It's now high time for one of the 'Big Six' to cut their standard prices and help hard-pressed households, and lay down the gauntlet to the others to do the same.
"With the average bill now an eye-watering £1,265 – 168% higher than a decade ago – it's little wonder that energy costs top consumers' concerns."
The energy secretary Ed Davey said: "The Government will be watching energy companies like hawks to ensure falls in wholesale gas prices are passed on as quickly as possible to consumers."
The sector is already the subject of an investigation by the Competition and Markets Authority which could decide to break up firms which both produce energy and supply it to homes.
Labour insisted the Government was to blame for the lack of clarity on bills.
Shadow energy secretary Caroline Flint said: "The Tories have had five years to deal with the problem of energy companies not passing on reductions in wholesale costs and have done absolutely nothing about it.
"Labour has consistently said that the regulator should have the power to force energy companies to cut their prices when wholesale costs fall.
"We need action, not another inquiry. If this Government won't put an end to rip-off energy bills and give the regulator the power to cut prices, then the next Labour Government will."
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