Bord Gáis Energy has again cut the cost of energy for its electricity and gas customers - its second cut in six months. 

The company said the price reductions will take effect from May 1, with savings of €82.70 for dual fuel householders across the country. 

Bord Gáis will cut its electricity prices by 4.5% and its gas prices by 6.5%.

The latest cuts will amount to €43.01 off an annual gas bill for Bord Gáis Energy customers and €36.69 off an annual electricity bill. 

Colin Bebbington, Retail Director at Bord Gáis Energy, said today's price drops are in addition to the reductions customers got last October when it was the only supplier to reduce prices ahead of the winter period.

He also announced new price plans that recognise those who have stayed with Bord Gáis Energy over the years. 

"These plans will give loyal customers even more price reductions, in addition to those announced today, and we will have details about these coming soon," he added.

The latest cuts from Bord Gáis Energy follows recent price reductions by both Electric Ireland and PrePayPower.

The reductions come on the back of falling energy prices on international wholesale markets, where prices have been falling steadily for around 15 months and are currently down around 50% year-on-year.

Daragh Cassidy, from comparison and switching website, said for the past 15 months or so energy prices have been falling on wholesale markets so these decreases are long overdue. 

He said that from the middle of 2018 until early 2019 cumulative price increases of around 20-30% were seen from all the major suppliers, so more decreases can be expected by consumers. 

"Looking forward, the outlook for energy prices is muted as a lacklustre world economy and the coronavirus have helped dampen energy demand. This should put further downward pressure on prices in the coming months," Mr Cassidy said.