British Gas raises tracker tariffs
Updated on 06 June 2008
British Gas has increased the price of its tracker tariff by 15% for electricity and 13% for gas.
It is the third quarterly review of the firm's Market Tracker prices since the energy plan's launch in July last year.
The increase follows record oil costs driving up wholesale markets, British Gas said.
About 2,500 residential customers have signed up to the British Gas Market Tracker plan. Those on dual fuel tracker tariffs will see a 14% increase.
The tariff's prices for gas and electricity are reviewed every three months, at which point they may change to reflect the wholesale markets.
British Gas spokesman Alan McLaughlin said: "Record oil prices have continued to drive up wholesale gas prices.
"Since the Market Tracker launched in July 2007 wholesale gas prices have increased by 104%. Customers who signed up to our Market Tracker product are aware that prices were linked to the wholesale market and could go up or down on a three-monthly basis.
"The increase is based on movement of the wholesale market up until August 2008. It does not include the forward winter prices. Today's prices denote the final review period of the current Market Tracker proposition and will be fixed until the end of August."
Last month British Gas owner Centrica warned of price increases, with bosses citing the near-doubling in wholesale energy prices and speaking of the need to take "reasonable action" to help protect its profit margins.
Britain's "big six" gas and electricity suppliers upped prices by up to 20% at the start of this year, blaming the soaring cost of supplies.
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