Energy supplier Flogas Energy is reducing its residential gas and electricity prices.
The company is cutting its variable rate for natural gas by 25% and its electricity variable rate by 15%.
Standing charges for gas are to fall by 10% but the electricity standing charge is to remain the same.
The energy firm's fixed smart rate and variable smart rate tariffs will also stay unchanged.
The cuts will take effect from 25 March.
"Following on from the 30% reduction in our electricity and natural gas rates in November, we are making good on our promise to continue to deliver competitive energy prices whenever the market allows," said general manager of Flogas Energy Sean O'Loughlin.
"While wholesale energy markets can be unpredictable, we have continued to see a calming of this market, and it has allowed us to pass on further savings to our customers," he added.
Flogas has around 70,000 customers for electricity and gas.
According to the company, the changes will result in savings of €22.88 a month or €274 a year on the average variable rate electricity bill.
Natural gas customers will save €35.73 a month or €429 on the average annual bill.
Flogas is the latest supplier to reduce what it charges its domestic customers and the level of the cuts is amongst the biggest in recent months.
It follows a round of price decreases by nearly all of the energy suppliers over the past number of weeks as wholesale costs continue to moderate.
Flogas last decreased its prices in November when it cut its gas and electricity prices by 30% each.
Commenting on today's price cuts, Daragh Cassidy at bonkers.ie said that despite the sizeable reductions, which are larger than those announced by its rivals in recent months, the company's previous high rates mean its new prices are similar to the rest of the competition.
"Today's news was expected given the price cuts from all the other major suppliers over the past few weeks. The reductions are pretty sizeable and are much bigger than the recent price cuts from the likes of Bord Gáis Energy, Electric Ireland and Energia," he said.
"However Flogas's rates were much higher to begin with. Today's reductions now bring its standard rates into line with the rest of the competition for the first time in around two years," he stated.
But the company's energy prices still remain significantly above where they were around three or four years ago before Covid and then the war in Ukraine wreaked havoc with energy prices, he noted.
"Looking forward, the good news is that wholesale gas and electricity prices continue to fall. They’re still at quite high levels but if the trend continues, barring another economic shock of some sort, it's very likely we’ll see a third price decrease from Flogas of a similar size in the second half of the year I think," Mr Cassidy said.
"And even though prices are dropping, households can save even more by switching. As well as the reductions we've seen announced recently, suppliers are offering further discounts of up to 20% or more to new customers who switch," he added.
