British Gas reduced on Thursday its standard gas prices by an average of 7 percent. It is the third time in 12 months that the firm has cut its prices, taking off £187 from the average yearly dual fuel bill of British households.

The price reduction takes effect immediately and is expected to benefit eight million British households. The latest price cut saves the firm's clients an average of £55 a year, making British Gas the cheapest supplier of standard gas and electricity across the country.

British Gas Managing Director Phil Bentley said in a statement, "At British Gas, we know household budgets are stretched, and that our customers are concerned about the effect the recent cold weather will have on their winter fuel bills. I'm please we're able to offer our customers some extra help with the gas price cut and that we're able to do this while it's still winter, allowing our customers to really feel the benefit."

Together with the price cut, British Gas removed the price differential for customers with pre-payment meter accounts, placing them on par with energy customers who pay in cash or check.

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