The UK's leading, and generally most expensive, energy provider, British Gas, has revealed that it will cut its residential tariffs in March, making it the first of the major UK providers to make such a move.

<p>From March 12, 2007 British Gas will cut its standard tariffs for gas by 17% and for electricity by 11%. As a result, the average annual dual fuel bill for its customers will fall by GBP167 to GBP953, the firm said in a statement.<br /><br />According to British Gas, for the overwhelming majority of UK energy customers, it will be the cheapest gas supplier. Its Click Energy 2 online tariff will be the cheapest dual fuel energy price available on the market.<br /><br />The reductions will be the firm&#0039;s first since 2000, since when it has increased gas prices seven times and electricity tariffs six times, the BBC reports.<br /><br />British Gas&#0039; decision to cut prices is expected to precipitate similar actions from its rivals. So far, only Scottish & Southern Energy has announced plans to reduce tariffs, although the Perth-based energy company has yet to give details of its cuts.</p>