The Bord Gáis Energy Index fell 4 per cent in April, with falling prices recorded for oil, gas and electricity. Though the index has fallen steadily over the first four months of the year, it remains 14 per cent higher than this time last year.

Oil dropped 4 per cent in April, further erasing the gains seen since Opec agreed a deal to cut supply last November. Wholesale gas prices were 3 per cent lower, as temperatures continued to rise and there was plentiful supply to the market. Electricity prices also fell by 3 per cent, while coal was unchanged after falling over the last three months.

“Oil is the main factor leading a further drop in the Bord Gáis Energy Index this month, as sentiment sours and investors start to lose faith in Opec’s ability to reduce the global glut of oil and effectively curb supplies,” according to Darragh Crowley Energy Trader with Bord Gáis Energy. He added that all eyes were now on the response of Opec to the increased production of oil from the US.

“The Vienna meeting on May 25th between oil ministers to discuss extending the production cuts will be key, as market participants will need to be convinced that Opec can indeed balance the market,” he added .