Energy provider Flogas has become the latest company to cut its gas and electricity prices as it announced cuts of 30% today - the biggest reduction announced so far by the energy companies.
Flogas said the reductions equate to a saving of €74.58 a month on customers' average electricity bills, or €895 a year.
The company's natural gas customers will see a fall of €64.84 a month or €778 a year on their average bills.
Its dual fuel customers will see a reduction of €1,673 a year on their bills, it added.
Flogas said the cuts apply to all variable rate customers including smart variable rate customers.
Flogas has about 70,000 residential customers for electricity and gas.
The cuts come into effect on November 6.
Sean O'Loughlin, general manager of Flogas Energy said that as winter approaches, the company is pleased to announce a reduction of 30% in its standard rate unit rates and standing charges for both gas and electricity.
"While wholesale energy markets remain unpredictable, we have seen a calming of volatility of late and this allows us to make these reductions," he said.
"While these reductions will be welcomed by our customers, we are conscious that many remain vulnerable to continuing cost of living increases," he said.
"Our customer service teams are ready to talk with any customer who is having difficulty in paying their energy bill or are looking for other options to help save money," he added.
PrepayPower yesterday said it was reducing its electricity and gas prices by around 13%.
Other major suppliers have cut prices by between 10% and 20% in recent weeks.
The four main energy companies were told that they must go further on price cuts, during a meeting with Taoiseach Leo Varadkar and Energy Minister Eamon Ryan earlier this week.
The two ministers met the four largest suppliers - Electric Ireland, SSE Electricity, Bord Gáis and Energia.
