Gas prices are set to fall by up to 10% by the end of the year, on top of a 12% decrease due on 1 May.
The Commission for Energy Regulation says if global gas prices stay low, consumers can look forward to further reductions before the winter.
However, Dermot Nolan of the CER said it would not be appropriate to impose a bigger decrease now, in the event of a world price rise.
Mr Nolan said the CER always tries to ensure the customer pays the lowest possible price for fuel and added that our prices compare favourably with other countries.
However, Fine Gael say that prices have not decreased enough and TD Simon Coveney questioned the decision to limit reductions to 12% when international gas prices have reduced by one third.
Mr Coveney said that during a recession, the primary job of any regulator must be to ensure that gas and electricity prices are as low as possible for businesses and households.
He said Ireland is on it knees and energy prices is the one place in which we can give people some kind of relief.
The CER also announced confirmation of an average 10% cut in the price of electricity to domestic and small business customers.
It will take effect from the 1 May also.
Electricity prices increased by 17.5% last October, and dropped by 1% in January.
It is understood the scope for further electricity price cuts in October will be more limited than for gas.
Up to 80-90% of our electricity generation is dependent on imported fuels, which are not falling in price to the same extent.
