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'It's time for energy suppliers to step up and pass on the savings that they are currently benefitting from to their customers'

14 January 2016

Gocompare.com Energy urges energy suppliers to ‘do the right thing’ and cut household energy bills.

With oil prices dropping to a near 12 year low at around $30 a barrel, Gocompare.com Energy is calling on suppliers to pass on savings to consumers and urging households to take action and make sure they are on the right tariff.

Ben Wilson, energy spokesperson at Gocompare.com said: “It’s appalling that as we’ve moved into 2016 fuel poverty is still a real issue in the UK, especially as the wholesale price of oil has continued to fall.

“While consumers are already feeling the benefit of low oil prices at the petrol pump, energy companies are still yet to pass any significant savings onto customers.

“Switching provider can be a great way to save money, with many people saving £250 or more* on their annual energy bills. However, the fact remains that while energy suppliers have seen large savings on the price of oil, customers have received nothing comparable in return.

Ben continued: “With the country currently in the midst of a cold snap, it is wholly unacceptable that some people, especially the vulnerable and elderly, are being forced into deciding between sacrificing other essentials in order to put the heating on or choosing to be left in the cold. Though households have the power to vote with their feet and switch provider, it’s time for energy suppliers to step up, do the right thing and pass on the savings that they are currently benefitting from to their customers.”

Gocompare.com has created a guide with tips on how you can save on your gas and electricity.

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Notes to editors:

*Based on Gocompare.com data. At least 51% of customers who received a price for switching energy supplier for both gas and electricity with Gocompare.com saved £250 or more during 01 July – 30 September 2015.