Why did it take British Gas so long to cut prices?
The world’s oil and gas markets are volatile with the wholesale price of gas doubling during 2008 and although they’ve now declined, the bulk of gas and power for this winter was bought much earlier when wholesale prices were still high. Buying gas in advance, whilst protecting you from the volatility of the wholesale market, does mean there’s a time lag of a few months before wholesale price movements, up or down, are passed on to customers. But British Gas are committed to looking after all their customers, and if wholesale prices continue to fall, you can count on British Gas to reduce their prices as soon as they can.
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