Hold that thermostat.

National Fuel Gas Distribution Corp. said late Wednesday the utility is seeking to reduce last week’s rate hike.

Last Thursday, NFG said surging natural gas prices that began at the start of the year resulted in the company having to increase its rates by 44 percent. Since gas costs represent about three-fourths of a utility bill, the overall bill for an average household would have risen by 33.4 percent effective Aug. 1. The rate hike was part of a regular quarterly adjustment to reflect the price NFG expected to pay for natural gas.

At the time though, NFG noted that gas prices on the futures markets had fallen and if that trend continued, the utility would consider reducing rates through an interim filing with the Pennsylvania Public Utility Commission.

Prices have continued to decline, so NFG said it will ask the PUC to reduce the rate hike. The overall gas bill would rise 19.1 percent instead of 33.4 percent. The decrease means natural gas costs would rise by 25 percent instead of 44 percent.

By law, a utility isn’t allowed to profit on the price it charges for natural gas.

If approved at the PUC’s next scheduled meeting on Aug. 21, the decrease would mean the typical NFG customer’s annual household bill would be $1,856 instead of $2,078.

“Since the information for that filing was compiled, the market price of natural gas has seen a marked decline, but is still higher than it was a year ago,” said Sandra James, an NFG spokeswoman.

She noted that the price projections included in the Aug. 1 rate didn’t reflect the most recent decline on futures markets. NFG is seeking the interim decrease before its next quarterly adjustment, which isn’t due until Nov. 1.

“Even with this interim decrease, rates will still be up 19.1 percent,” Ms. James added, “and we remain concerned about the impact these costs will have on our customers.”

She encouraged customers to call the company now to find out about payment programs and services that may help them. Customers can call 1-800-365-3234 for additional information.

National Fuel serves about 214,000 customers in 14 counties in northwestern Pennsylvania, including Mercer County.