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British Gas to cut gas prices by 5% | |
(34 minutes later) | |
British Gas says it will cut household gas prices by 5%, cutting annual energy bills by an average of £35. | |
It is the second gas price reduction in six months by the firm, and it says the two price cuts together will lead to an average total saving of £72. | |
The latest price cut takes effect from 27 August. | |
Wholesale gas prices have fallen by about 25% since December 2014. British Gas said the cut reflected lower projected costs for 2015 and 2016. | |
British Gas announced a price cut of 5% in January following moves by a number of the other "Big Six" energy suppliers. | |
The price cut will affect 6.9 million energy customers either on standard or fixed-price tariffs, which British Gas calls "fix and fall". | |
Electricity prices will remain unchanged. |