Bord Gáis, the country's largest gas supplier, has become the latest energy company to announce price increases.

The company's residential energy prices will increase from August 6 as its standard unit rate gas price goes up by 4.7% and its electricity price by 5.8%. 

It is believed the increases will add almost €37 a year to the average customer's gas bill and €60 a year to the average electricity bill.

Bord Gáis has blamed the price hikes on continued increases in the price of gas and energy on wholesale energy markets.  

Last week, several companies including Energia, Flogas, SSE Airtricity, Electric Ireland, Panda Power and Pinerg, also announced they would be increasing their energy prices over the coming weeks.