Npower cuts gas prices by 5%

Npower has become the fourth of the 'Big Six' energy suppliers to cut prices this week.

Npower has become the fourth major energy supplier to announce a price cut this week, with the news that it will cut gas prices by 5% from 1 February.

The date of the reduction currently means its customers will be the first out of the big suppliers to notice the difference on their bills. The cut applies to customers on all standard and capped tariffs.

It will also waive cancellation fees for the next two months for any customer on a fixed-price contract who wants to move to a cheaper npower tariff.

However, as its Go Fix 10 tariff is currently the second best value fixed tariff for dual fuel customers, according to energyhelpline.com, you may want to weigh up switching to a variable rate.

Npower put its gas prices up by 15% in October. And it came bottom of a Which? customer satisfaction survey of energy suppliers released this week.

Yesterday, British Gas announced a 5% cut in electricity prices and SSE unveiled what it claimed was a 4.5% cut in gas prices. However, as the SSE cut didn’t include the company’s standing charge - the daily charge customers have to pay to the supplier – the real saving is 3.8%.

On Wednesday, EDF was the first of the Big Six to move on prices, cutting gas prices by 5%.

Figures by Consumer Focus show that the wholesale price of both gas and electricity has fallen in recent months, but the Big Six have each chosen to only cut the cost of one utility apiece.

Only Ovo Energy has cut prices for its dual fuel customers in recent weeks.

More: Compare energy tariffs with lovemoney.com | The best and worst energy suppliers

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