Phoenix hints at gas price cuts

The gas market is to be opened up to competition

Phoenix Gas hopes to cut its prices in Northern Ireland, following the announcement that fuel prices are to come down in Britain.

British Gas has announced that it is to drop the price of gas for the first time in seven years. It plans to bring down the cost by 17% next month.

In a statement, Phoenix said it was confident it would be able to cut its prices sooner rather than later.

The company hinted at a possible reduction in price in April.