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British Gas cuts domestic prices British Gas cuts domestic prices
(40 minutes later)
British Gas has said it will reduce its gas and electricity prices next month.British Gas has said it will reduce its gas and electricity prices next month.
The group says it will cut gas prices by 17% and electricity by 11%. It added that the average annual duel fuel bill will fall by £167 to £953.The group says it will cut gas prices by 17% and electricity by 11%. It added that the average annual duel fuel bill will fall by £167 to £953.
British Gas's move has raised expectations that other energy companies might also cut their prices.British Gas's move has raised expectations that other energy companies might also cut their prices.
The firm, owned by Centrica, has been criticised for its high tariffs by consumer groups which they say affect vulnerable consumers. The company, owned by Centrica, has been criticised for its high tariffs, which consumer groups say affect vulnerable consumers.
Last month, Centrica had said it would cut its prices as wholesale prices had fallen.
Experts suggest the move could help the group hang onto its customers.Experts suggest the move could help the group hang onto its customers.
Supplier switch
More than four million people switched their electricity or gas supplier last year in a bid to cut their bills, recent figures from energy regulator Ofgem showed.More than four million people switched their electricity or gas supplier last year in a bid to cut their bills, recent figures from energy regulator Ofgem showed.
If wholesale prices fall further this year then we will pass those price reductions on to our customers Sam Laidlaw, Centrica chief executive
British Gas would now be offering the "lowest prices on the street" to customers, as well as introducing a new social tariff for "very vulnerable customers", Centrica chief executive Sam Laidlaw said.
Centrica had announced last month that it would be cutting its prices as wholesale prices had fallen.
However, Mr Laidlaw defended the company's decision not to pass on the whole of a 50% drop in wholesale prices on to customers.
"We don't go and buy our gas purely on a day-to-day spot basis; we go out and have to buy our gas on a long-term basis," he told the BBC.
"If wholesale prices fall further this year then we will pass those price reductions on to our customers."