British Gas likely to raise prices ‘in weeks’ - Gas and electricity - News |

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

British Gas likely to raise prices ‘in weeks’

British Gas likely to raise prices ‘in weeks’

Category: Gas and electricity

Updated: 29/06/2011
First Published: 29/06/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The company that owns British Gas has admitted that it is likely to increase its prices in the 'next few weeks'.

Speaking at the Commons Energy Select Committee yesterday, British Gas's chief operating officer told MPs: "Unless there is a fundamental shift in the way commodity markets are going to play out in the next few weeks then, on the balance of probability, we will reluctantly put the price up.

"I'm not going to get drawn into precisely when or how."

British Gas will be the second of the 'Big Six' to announce a price rise, after Scottish Power announced that it would be increasing gas and electricity prices for retail customers by 19% and 10% respectively.

The move was met with an angry response from consumer groups, and followed all of the UK 's major suppliers putting up their retail prices over the winter.

Providers have defended their decisions to increase prices, blaming soaring wholesale and infrastructure costs.

The energy regulator Ofgem is currently working with energy companies to help make consumer information clearer and more readily available.

Ofgem is pressing for firms to simplify their tariffs so they are clearer for consumers.

The regulator has also signalled its intention to break-up the stranglehold on the market that British Gas, npower, e.on Energy, EDF Energy, Scottish Power and Scottish and Southern Energy currently enjoy, and wants to encourage more firms to joint the sector.

Compare Gas & Electricity suppliers

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.