Flogas will increase gas prices by a hefty 12.8% from the 1st of August 2018 - the third supplier to announce a price hike since the 1st of June.
Flogas has decided to join the unwelcome price hiking party.
Just two days ago, Electric Ireland announced gas and electricity price increases, as did SSE Airtricity back at the beginning of the month.
And now Flogas has announced that it too will increase prices, and with such a high increase, it looks like it will kick itself off the top position it has held for over a year as one of the most competitively priced gas-only suppliers on the market.
Details of Flogas’ price increase
Flogas will increase its gas prices by 12.8% on August 1st, which will add about €93 to annual bills of customers with average consumption.
The new unit standard rate will be 5.7128 cent/kwh and the standing charge will be 90.14. All figures net of VAT.
This is the second price increase from Flogas in less than a year, with a 3.3% increase having been added on last December. This means that a typical annual Flogas gas bill is now on average €113 more expensive than it was this time last year.
Customers with average consumption currently pay around €769 for a year of gas with the supplier.
Why is Flogas raising prices?
Falling in line with SSE Airtricity and Electric Ireland, Flogas cites rising a 20% rise in the supply price of natural gas as the reason behind the increase.
John Rooney, managing director, Flogas Ireland, said, “Over the years, Flogas Natural Gas has made rate reductions whenever the opportunity has arisen to do so. Unfortunately, due to the present circumstances, that of rising wholesale costs, a price increase has become unavoidable.”
How to beat the hikes
Energy prices are clearly on the rise, and we wouldn’t be surprised to see yet more suppliers respond with their own price hikes in the coming weeks. However, there are actions customers can take to avoid the hikes - and even save money in the process.
There are a total of ten energy suppliers on the market now, so there’s no shortage of choice when it comes to price plans. There are some significant sign-up incentives on offer including cashback offers and discounted rates. Run a comparison now and see what your options are and you might be surprised to learn that summer is actually the perfect time to switch suppliers and here’s why.
