Phoenix Supply has today confirmed a 22.1% reduction in its tariffs with the lower rates applying from 8th January 2009. The price cut is due to the fall in the global wholesale cost of gas over recent weeks.
The average domestic bill will fall by £153 annually to give an average annual domestic bill of £534, or £10 per week.
David Strahan, General Manager of Phoenix Supply, said: "We made a commitment to our customers in September that should the wholesale cost of gas fall we would reduce prices accordingly. This is a promise we have kept, and Phoenix is the first major UK gas supplier to announce a substantial price reduction."
Mr Strahan continued: "In arriving at this level of decrease, we have consulted formally with the Northern Ireland Authority for Utility Regulation (the "Regulator"), the Consumer Council for Northern Ireland and the Department for Enterprise, Trade and Investment."
Mr Strahan concluded: "Today's announcement is testament to our commitment to deliver the lowest possible price to our customers, and further demonstrates that natural gas remains excellent value for money compared to other fuels."