The City roundup video: Is British Gas set to cut gas bills again?

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The boss of British Gas-owner Centrica said today that the utility could cut gas bills again this year, as the cost of wholesale oil and gas stays low.

Oil prices have halved in recent months and despite staging a recovery in the last few days, they are still well behind last June’s peak of $115. British Gas and its fellow Big Six suppliers have cut bills to reflect the fall, and Centrica’s chief executive Ian Conn said that the firm should be able to pass on further reductions to customers.

Of course commodity prices aren’t the only thing that could bring down heating bills. Ed Miliband, who before bills were cut promised an energy price freeze if Labour won power, would be expected to play a more active role in the energy industry if he becomes the man in No10 this May.

The Competition and Markets Authority is also conducting an energy market review and, depending on its findings, it could force companies that both extract and supply energy to break up, with the  aim of boosting competition and potentially bringing down prices.

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