British Gas customers are unlikely to welcome news that the company’s owner, Centrica, reported a profit increase of £1.51bn for last year, despite having just hiked up prices by 22%.

Price comparison site, Moneysupermarket.com, said despite the rise in profits, British Gas customers were facing a £2.7bn increase in their energy bills – a total of £160 per year per household. The new pricing is due to come into effect on 1st March.

Paul Schofield, head of utilities at moneysupermarket.com, said: “British Gas is only one of many energy giants to have recently raised their prices so now is a good time as any for consumers to consider switching suppliers.”

He also advised consumers to consider opting for a duel fuel deal, setting up payment by direct debit and paying online to save money.