Bord Gáis is to seek a 4.2% hike in natural gas prices next year, after slightly reducing its original calls for a 5-8% rise.

Details of the proposed price increase were disclosed in a submission document published by the Commission for Energy Regulation yesterday (CER).

The projected increase for small businesses is 2.8%.

Domestic customers could see at least €38 added to the their annual gas heating bill - given that the average yearly cost per household currently stands at €910.

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Bord Gáis originally intended to seek a 5-8% increase in charges, however, the global fall in gas prices has forced the firm to slash its original proposals.

While crude prices are still twice as much as last year, they have tumbled significantly from their peak, seen only a few months ago.

Bord Gáis said it had taken this factor into consideration.

CER's decision on any price shift will be made in early December, until that time Bord Gáis has pledged to monitor gas prices, stating any further falls would be reflected in next month’s ruling.

(PR/JM)