British Gas to cut gas prices by 5%

Second member of Big Six energy suppliers to announce price cut.

British Gas has become the second of the Big Six energy suppliers to announce a cut in its gas prices.

British Gas is to reduce its household gas prices by an average of 5%. That will equate to a £37 average fall in annual energy bills.

The cut applies to customers on the Standard and Fix & Fall tariffs, but not other fixed tariffs, and comes into effect from 27th February. The energy giant said that recent falls in wholesale gas prices meant it was now able to reduce its prices.

The move follows E.ON’s decision to cut gas prices by 3.5% last week and pressure from the Government to pass on savings from the significant drop in the price of wholesale gas.

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Cheapest tariffs now

At the moment, Extra Energy is (just) on top of the best buy table for fixed dual fuel. It's consistently cut the price of its tariffs to beat off competition from other companies, including First Utility and OVO.

Here's the top 10 for fixed dual fuel tariffs right now.

Source: lovemoney gas & electricity comparison centre.

Prices based on average consumption as measured by Ofgem of 13,500kWh of gas and 3,200 kWh of electricity and a customer paying by monthly direct debit including VAT.

*Not available in region 17 - Scottish Hydro area

Bear in mind these are average prices for the whole of the UK, so they may not be the cheapest where you live. Indeed, the tariffs above may be cheaper in your part of the world.

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