Phoenix Supply has today confirmed a 19.0% reduction in its tariffs with these lower rates applying from 1st October 2009.
Keeping a promise it made earlier in the year, this price cut for Phoenix Supply customers is due to the continued fall in the wholesale cost of gas.
The average domestic gas bill will fall by £104 annually to give the average Phoenix customer an annual domestic bill of £437, or just £8.40 per week.
This second price reduction in just nine months is unprecedented in the history of the natural gas industry in Northern Ireland and brings the total reduction this year to 36.9% or a reduction of £258 from the average annual domestic household bill. This is particularly welcome news for natural gas customers as the price of heating oil has increased this year and is forecast to rise even further.
David Strahan, General Manager of Phoenix Supply, said: "We made a commitment to our customers in January that should the wholesale cost of gas continue to fall we would, once again, reduce prices accordingly. This is a promise we have kept, and we are delighted that Phoenix is the first major UK gas supplier to be able to announce two substantial price reductions this year."
Mr Strahan continued: "In delivering these reductions, we have consulted formally with the Utility Regulator, the Consumer Council for Northern Ireland and the Department for Enterprise, Trade and Investment."
Mr Strahan concluded: "Today's announcement is a demonstration of our commitment to deliver the lowest possible price to our customers, and clearly shows that natural gas remains excellent value for money compared to other fuels."