Wholesale gas prices were over 40% lower in March compared to the same month last year.
Gas prices are now at their lowest level since April 2010, according to the monthly market report from Vayu Energy.
Oversupply and a relatively strong euro since the start of the year are behind the weakness in gas prices at the moment. That price weakness should persist in the medium term, Vayu states.
The Corrib gas field, which recently became operational off the Mayo coast, should reduce dependency on imports in the longer term.
Commenting on the impact of oil on longer term gas prices, Joanne Daly, senior energy Analyst at Vayu, noted that unrest in Turkey and Iraq has created price volatility on the Brent crude oil market in recent weeks.
"Oil prices are likely to continue to influence longer term gas contracts, with the market awaiting the outcome of a meeting between OPEC and major non-OPEC members scheduled to take place on April 17," Ms Daly said.
"A decision to freeze production could provide significant upward support to the oil market which in turn could result in higher wholesale prices for gas contracts," she added.
Ms Daly also said that the average wholesale price of electricity in the Irish market so far during March is down 31% compared with March 2015 and unchanged compared with last month.
The year-on-year drop in prices is attributed mainly to lower prices for gas, which is the main energy source used to generate electricity in Ireland.
A strong contribution of renewable sources such as wind has also been a significant factor in the decrease, she added.
Vayu said that wind energy accounted for 19% of overall electricity generation so far during March. It reached a peak of 2,569 MW on March 2 when it met 50% of demand at the time.
