Changes to wholesale costs have helped to bring about the change.
General gas tariffs are to be reduced in cost by ten percent by the UK's largest energy provider.
British Gas announced the move today, saying that an average £75 will be saved from customers' annual bills. The price cut comes into effect on February 19th.
Fluctuations on the global commodities market have led to marked volatility in energy costs for UK consumers. Two rounds of double-digit price rises were imposed by energy providers as wholesale costs soared last year.
Crude oil, for example, hit a $147 per barrel all-time high in July 2008. However, the price has dropped below $50 since then - and this trend is now being reflected in customer bills.
Commenting on the move, British Gas managing director Phil Bentley said: "We are committed to providing the best possible prices for customers. This price cut will go some way to helping customers manage their budgets, and we will continue to do what we can, when we can."
Gordon Lishman, director general at charity Age Concern, added: "The price cut announced by British Gas is a step in the right direction but unless further reductions follow, and are made across all tariffs and energy companies, many of the poorest pensioners will continue struggle to pay their energy bills."
