British Gas to cut gas prices by 5 per cent
The price cut takes effect from 27 August, and will benefit 6.9 million customers on Standard and Fix & Fall tariffs.
It is the second gas price reduction in six months and will bring the average total saving for customers to £72.
MoneySupermarket criticised the company for not bringing the price cut in straightaway.
“Whilst customers have to be notified 30 days before any increase to price, a cut in bills can be brought in immediately, so it’s disappointing to see that this isn’t the case and British Gas is making its customers wait over a month before they see this reflected in their bills,” said Stephen Murray, energy expert at the comparison site.
MoneySuperMarket also said the move was “long overdue”.
“Whilst we welcome moves to bring down the price of energy, especially before winter, it is long overdue and may seem underwhelming compared to how low wholesale prices really are,” Murray said.
Mark Hodges, managing director of British Gas, said: “There are a range of costs that make up energy bills, some decreasing and others increasing. This reduction reflects our lower projected total costs for 2015 and 2016 and we’re pleased that customers will see the benefits in their gas bills ahead of next winter.”
Electricity prices remain unchanged.