British Gas Latest To Hike Prices
Today, British Gas becomes the third of the main six suppliers to hike gas and electricity prices.
The cost of living is becoming increasingly steep with higher mortgage costs, rising food prices and petrol prices, not to mention the dreaded council tax. Sadly gas and electricity prices are rising fast too.
Today British Gas increased its fuel charges by 15% taking it from one of the cheapest suppliers to one of the most expensive. This follows similar increases from utilities companies, EDF and nPower, earlier this month. Indeed, the average bill for gas and electricity is now set to rise to more than £1,000 a year for each household. And British Gas had already increased the cost of its Market Tracker gas and electricity tariff in mid-December.
What's more, the bad news doesn't stop there. Three more of the largest suppliers - Powergen, Scottish & Southern Energy and Scottish Power - look almost certain to increase their tariffs soon as well.
In common with other energy companies, British Gas blames the price rise on the increase in the cost of buying wholesale gas and electricity forced up by lower availability of supplies and higher global oil prices. This is alongside the additional costs of meeting the Government targets for energy efficiency. That said, British Gas is still expected to reveal profits in excess of £1 billion on 21 February.
But there is some good news. You don't have to stand for this. Vote with your feet by switching. (Although it may be worth your while holding off briefly until we know for certain what the other three main energy companies are going to do.)
But after that it'll make sense to check out which supplier comes out top by comparing prices. This is the only way to make sure you're not paying over the odds for your household fuel bills.
Compare gas and electricity prices through The Fool, which looks at over 7,000 tariffs, and gives you the tariffs in the correct order of cheapest first.
More: Beat January's 13% Gas Bill Rise | Comparison Tools Can Hide Energy Tariffs.