British Gas this morning announced it is set to cut gas prices by 5.1% across all its “currently available tariffs”, including pre-payment, benefiting 6.8 million customers.

However, the average £31 price cut will only take effect from 16 March. British Gas says its latest move will mean annual gas bills will be about £100 lower than 13 months ago, having reduced prices three times since the start of 2015.

EDF Energy also announced it will cut standard gas prices by an average of 5% (£31) which will benefit about 900,000 out of its three million customer pool. Once again, the price reduction will only kick in next month, from 24 March.

The energy supplier cites lower operating costs and a fall in wholesale gas prices behind the move, though it added that the reduction is “limited” owing to some external costs having increased.

This is the second time in just over a year that EDF’s cut gas bills, bringing the standard gas direct debit tariff to £566/year while its dual fuel direct debit price will be an average of £1,069/year.

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Stephen Murray, energy expert at MoneySuperMarket, said while customers will benefit from a price reduction, it’s only a “measly £31” and that given the sharp falls to wholesale gas prices, we should be seeing much bigger savings.

“The clear message for customers is simple – when your supplier decides to cut your energy prices by 30%, we will be sure to tell you and pat them on the back, but, until that time, stop looking for price cuts and take matters into your own hands…..SWITCH TODAY and save £300!”.