British Gas to cut household gas prices by 5%, says Centrica

15th Jul 2015 10:34

(ShareCast News) - Centrica announced that British Gas will reduce household gas prices by 5%, cutting annual energy bills by £35 on average.This is the second gas price reduction in six months and will bring the average total saving to £72 for British Gas customers.The price cut will take effect from 27 August, benefiting 6.9m customers on Standard and Fix 7 fall tariffs.Managing director Mark Hodges said: "British Gas is committed to offering competitively priced products, and the price cut we're announcing today demonstrates that."We will also continue to help our customers understand and control their bills by leading the national drive to install smart meters, and by developing innovative products that offer them the latest technology to manage their energy usage."Centrica said electricity prices remain unchanged despite the fact that several elements which make up the bill are rising steadily.At 09:37, Centrica shares were down 0.1% at 277p.