Electric Ireland is the latest energy provider to announce a price cut for retail gas customers.

The company said it would reduce its gas prices by 2.5% from 1 April, which would result in an annual saving of €20.83 for the average household.

Last month, Bord Gáis Energy said it would cut its unit prices for gas and electricity by 3.5% and 2.5% respectively, resulting in a saving of €54 per year for the average customer using both services.

The reduction will come into effect in mid-March.

SSE Airtricity also announced price cuts last month, dropping gas unit prices by 4% and electricity unit prices by 2% from April.

The company said this would save the average dual-fuel customer €55 per year.