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It looks like British Gas customers are in for a nasty shock to their gadget funds. Despite an increase in profits, apparently British Gas is about to shove up its gas prices, which could make an extra £100 dent in your wallets. Damn, that’s a quarter of a Galaxy S III. [Evening Standard]
Image credit: Gas from Shutterstock
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What is “despite an increase in profits” supposed to mean? Surely you’re not suggesting that British Gas should be selling its gas at cost price?
No no, but one would assume that if its profits have already increased, it wouldn’t need to put up its prices, but then perhaps the price of gas at wholesale has rocketed recently.
British Gas made £345 million in the first 6 months of the year. They had just under 16 million customers, paying an average of just over £600 each. That’s £345 million profit on a turnover of £9.6 billion, which is a profit margin of about 3.5%.
That doesn’t really seem excessive.
It’s worth pointing out that Britain has the lowest gas prices in western Europe, and the second lowest electricity prices (behind France).
Which is 6p(ish) per customer per day (£21 a year) so not a lot really.
What makes the profits seem ‘excessive’ is that there are so many customers so it quickly adds up.
British Gas: Greedy blood sucking bastards.
Perhaps we should chuck the British Gas Board of directors out of a balloon at the edge of the atmosphere too. The hot air they generate making excuses for the price rise might just save their lives.
I think I’ll just save myself that £100 by buying a warm jumper and a blanket.
Not if you bought them at the Edinburgh Woollen Mill….
When did Giz become the Daily Mail?