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Phoenix Gas 'could cut prices' | Phoenix Gas 'could cut prices' |
(about 1 hour later) | |
Phoenix Gas has confirmed that it is looking at making price cuts in the autumn. | Phoenix Gas has confirmed that it is looking at making price cuts in the autumn. |
Tariffs were reduced by more than a fifth in January, and Phoenix promised more cuts would follow when wholesale markets allowed. | Tariffs were reduced by more than a fifth in January, and Phoenix promised more cuts would follow when wholesale markets allowed. |
The scale of any reduction has to be discussed with the Consumer Council and the Utility Regulator. | The scale of any reduction has to be discussed with the Consumer Council and the Utility Regulator. |
However, with wholesale gas markets down there is speculation that the reduction could be around 10%. | |
Wholesale energy prices have plunged since last year's oil price bubble burst. | Wholesale energy prices have plunged since last year's oil price bubble burst. |
However, wholesale costs are still 60% higher than they were two years ago. | However, wholesale costs are still 60% higher than they were two years ago. |
Glyn Roberts from the Northern Ireland Independent Retail Trade Association welcomed the confirmation that Phoenix Gas were looking to make price cuts. | |
"We think this is a good thing because it will reduce the running costs for many small businesses and many small retailers that are suffering greatly as a result of the recession," he said. |
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