SSE Airtricity is to reduce the price of gas and electricity for households from April.

The company said new and existing customers would see gas prices fall by 4%, while electricity prices would reduce by 2% in just over two months’ time.

Airtricity estimated that the changes would mean an annual saving of €58 per year for customers using both services. Those on pay as you go meters would see a saving of €55 on average.

The planned price cuts follow a similar announcement by Bord Gáis Energy last week, which said it would reduce gas and electricity charges from mid-March.

The company said that the price of its gas unit would go down by 3.5% while electricity was to be lowered by 2.5%.

Global oil prices have fallen sharply in recent months due to increased production and a fall in demand, which has pushed fuel costs lower.