The Independent Pricing and Regulatory Tribunal (IPART) yesterday announced an increase of 17.8 per cent in the regulated gas price that was revealed in July had now fallen to 11.2 per cent.

IPART said the repeal of the carbon tax had led to the price revision and estimated it would equate to between a $50 and $90 reduction in the typical annual household gas bill.

The new prices apply to the 25 per cent of gas customers who are still on the regulated price and the revised prices will be retrospectively applied from July 1, meaning customers will receive a credit on their bill for any overpayment since then.

The average increase for regulated gas prices in 2015/16 is estimated at 4.2 per cent.