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Independent supplier Ovo Energy has cut the price of its fixed dual fuel tariffs by 1.7 per cent to pass on a fall in wholesale costs.
The supplier said it is cutting the price of both its 12-month fixed pay monthly Better and Greener energy plans for new and renewing customers to pass on “a small downturn in wholesale commodity costs” over the last month.
Renewing customers will save £79 on the price they paid on joining Ovo this time last year, now paying £857, with the 1.7 per cent drop representing a £14 saving over a year.
Ovo said it reviews its prices on a regular basis, and “has a strong track record of cost-reflective pricing and passing back savings to customers whenever possible.”
Independent supplier Extra Energy currently offers the cheapest dual fuel tariff on the market at £838.
Energy secretary Amber Rudd called on the big six energy suppliers in June to cut energy bills as the threat of a price freeze was lifted following the general election.
However only British Gas has so far passed on a reduction of 5 per cent on its gas tariffs to customers.
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