Starting on 25th March, the provider will lower the variable rates by 25% for natural gas and 15% for electricity. This translates into an average electric bill savings of €274 and an average gas bill savings of €429.

The cost of smart metres hasn't altered as of yet, though. Additionally, Flogas is reducing its petrol standing fee by 10%.

This is Flogas' second price reduction in less than four months, and it comes after Energia, Bord Gáis Energy, and Electric Ireland have all just lowered their pricing.

The last time Flogas lowered its pricing was in November when it did so for both gas and electricity, each by 30%.

According to Daragh Cassidy the comparison website bonkers.ie, Flogas's new pricing is comparable to those of its competitors even though it has made significant reductions that surpass those announced by its rivals in recent months due to its former high rates.

“Today's reductions now bring its standard rates into line with the rest of the competition for the first time in around two years,” added Cassidy.

“Flogas's energy costs, however, are still far higher than they were three or four years ago when Covid and the subsequent conflict in Ukraine caused severe disruptions to the energy market.”

“The good news is that wholesale gas and electricity prices are still down going forward. Even if they're still at very high levels, if the current pattern holds true and there isn't another major economic shock, it's quite possible that Flogas will lower prices for a third time in the second half of the year.”

According to the most recent data from the Central Statistics Office (CSO), wholesale power prices decreased 68% in the previous year as energy expenses kept going down from their peak in 2022.

December saw a 27.6% decrease in electricity rates, which was 67.8% less than a year earlier. The energy products index of the agency has decreased by 60.3 percent from December 2022 and by 22.7 percent since November 2023.

Following the Covid pandemic, energy costs have been rising steadily. However, in February 2022, Russia invaded Ukraine, causing prices to skyrocket, which they did in August of the same year.

Between August 2021 and August 2022, the wholesale price of electricity increased by 194.9 percent. At its peak, the price per megawatt hour (MWh) was close to €400, compared to an average of around €38 for the entire year 2020.

Consumer advocacy organisations have expressed dissatisfaction with the slow pace at which energy firms are transmitting the reduced pricing to customers, despite a substantial decline in wholesale prices over the last year. According to the CSO's most recent consumer price index, last year's decrease in consumer power costs was just 15.2%.