Electricity and gas prices 'will drop soon'

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All energy suppliers will drop their electric and gas prices soon, it has been claimed.

GMTV's money saving expert Martin Lewis claims that the price reductions will be between five and 20 per cent.

Mr Lewis said: "Energy companies operate a herd mentality though, so when one cuts, they should all follow within weeks with announcements of new rates – and if some go harder – the others may follow."

But, he warned customers that prices will not drop immediately.

He said that consumers should be wary about changing tariffs at the first sign of a price drop and said people should compare fuel prices once they have settled down.

The GMTV financial expert added that switching to Monthly Direct Debit payments can knock ten per cent off bills and taking regular meter readings was essential.

Meanwhile, consumers have been warned by the News of the World not to be fooled into switching energy suppliers by price reductions.

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