UK Money News
13th May 2008
British Gas considering further price hike
British Gas is mulling further increasing its tariffs to mitigate the impact of soaring energy costs.
The firm argues that a hike must be imposed to safeguard profits as a result of higher wholesale prices for gas, which it is claimed set to double during the second half of the year.
A statement from Centrica said: "While the current outlook for gas prices does create a challenging environment for energy suppliers, we will take the necessary action to deliver reasonable margins in the retail business."
In January, the firm levied a 15 per cent increase on its tariffs, prompting 100,000 of its 16 million customers to change provider.
The increase brought the firm's average annual dual fuel bill to £1,055 - a rise of £143.
Meanwhile, bills for direct debit customers rose by an average of £131 to £968.
Analysts from investment banking giant Citigroup anticipate that the hike will be around 18 per cent and that it will be introduced later this year.
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