Gas prices on the way down from October 1

Electric Ireland is cutting gas prices.

The firm announced this morning that it is cutting prices for household customers by 5% from October 1.

It is the third reduction in residential gas prices in the past 18 months, reflecting lower global energy prices.

The reduction should cut the average annual gas bill by €39.47 (including VAT).

Executive director of Electric Ireland Jim Dollard said: "This announcement means Electric Ireland dual fuel (gas and electricity) customers will have saved €188 through six separate reductions in electricity and gas prices in the last two years (including) the 6% decrease in electricity unit prices last June."