British Gas has announced its second price hike of the year (Image: PA)Get money updates directly to your inboxSubscribeSee our privacy noticeMore newslettersThe increase to the tariff, which was withdrawn for all new customers on March 31, means the average bill for existing dual fuel households will rise by to British Gas said it was increasing its prices following a 20% rise in the costs of buying wholesale energy since April.The company said 3.5 million customers were affected by the increase, but added it would be contacting them to consider alternatives to the standard variable tariff and expected that figure to drop to three million by the end of the year.It’s the second time the provider has announced price hikes following a increase in May.Read MoreEnergy price hikes so far in 2018Safeguard tariff raised “Reluctantly” Mark Hodges, chief executive of Centrica Consumer, said: “We have today reluctantly announced plans for an increase in our standard variable tariff (SVT).”We understand that any price increase adds extra pressure on customers’ household bills. However, this reflects the sharp rise in wholesale energy costs.”In response to rapidly rising wholesale market costs, since April a number of other energy supply companies have increased their SVT prices and Ofgem have also announced a second increase to the prepayment meter cap.”With more than 70 energy supply businesses now operating in the UK, the energy market is increasingly competitive and we are focused on offering all our customers attractive fixed and bundled deals.”As well as designer replica handbags providing more choice, we are striving to improve customer service levels, reducing our own costs and rewarding customers. Our British Gas Rewards programme now has more than one million members taking advantage of offers which reward loyalty and encourages engagement.”What to do about it “Millions will rightly be furious with British Gas when they hear of yet another price hike.”For someone with typical use, those on British Gas’s standard tariffs can save a year by ditching and switching, and many firms that are far cheaper have vastly better customer service ratings.”So the message is plain.
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