The cuts of 3.2 per cent from its gas tariff and 2.1 per cent from its electricity offering follows similar cuts offered by big six and rival independent suppliers on their standard gas tariffs following almost a year of steadily falling wholesale prices which have helped reduce company costs.
But unlike other suppliers Good Energy said it will bring down the price for electricity as well as for gas.
Good Energy said that its dual fuel customers will save an average of £33 per year compared to the average £28 discount from big six suppliers which have only made cuts to the gas tariff.
Eon was the first major energy supplier to react to rising political pressure to pass on lower costs to customers through their bills, cutting its gas supply rate by 3.5 per cent with immediate effect two weeks ago.
The next cut to become effective will be EDF Energy’s 1.3 per cent tariff cut on 11 February, followed by npower’s 5.1 per cent cut set for 16 February. The cuts come weeks ahead of planned reductions from Scottish Power (4.8 per cent) by 20 February and British Gas (5 per cent) at the end of February.
SSE will wait the longest to pass on lower costs with a 4.1 per cent cut at the end of April.