Supplier Ovo Energy has lowered the price of its standard variable tariff by 5.8% for dual fuel customers.
It’s the second price cut announced in a month by Ovo and brings the average price for its Simpler tariff for a dual fuel customer to £1,051, down from £1,116.
This is to “reflect falling wholesale costs”, said the firm, adding it could mean customers save £65 a year. The new price drop will kick in from 1 March 2015.
The drop comes in the wave of price cuts from suppliers on the back of falling oil prices, with everyone right up to Chancellor George Osborne calling for the fall to be passed on. EDF Energy faced scorn yesterday for its slight price cut of 1.3%.