Business

ScottishPower cuts its gas prices by 5%

Gas hob
Image caption Four of the big suppliers have cut gas prices and two have cut electricity

ScottishPower has become the last of the big six energy suppliers to cut its tariffs.

The company has cut its gas prices by an average of 5%, effective from 27 February.

Earlier in the day, E.On announced it was to cut its standard electricity prices by 6%.

But ScottishPower warned that rising demand for energy would "inevitably lead to to higher energy costs in the long-term".

It said that the 5% cut would equate to an average annual price cut of £36 for both dual fuel and gas-only customers paying monthly by direct debit.

ScottishPower's cut means that four of the six big energy suppliers have cut gas prices and the other two have cut electricity prices in recent days.

They attributed the cuts to recent falls in wholesale prices for energy.

Ann Robinson, of price comparison website Uswitch, said: "Suppliers are focussing their cuts on one fuel, while previous hikes hit both gas and electricity.

"The fact is that these cuts will not even come close to wiping out last year's eye watering price hikes.

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