British Gas to cut domestic energy prices

Centrica owned British Gas today declared to reduce its gas and electricity prices as it will cut standard tariffs for gas by 17 percent and electricity by 11 percent which will lessen the average annual dual fuel bill for its customers by £167 to £953. This declaration came after British Prime Minister Tony Blair urged gas supplying companies to cut their prices as wholesale gas prices are decreasing. British Gas has been criticized for its high tariffs and because of mounting energy prices, more than four million consumers switched their electricity or gas supplier last year in a bid to cut their bills. With this cut, British Gas would now be offering the gas and electricity on lowest prices to their customers. The price cuts, which will be implemented from March 12, is a first such move by a major power supplier after a series of price hikes and it is up to other energy companies how to respond to this price cut.