Electric Ireland has announced it will reduce its gas unit prices for its residential customers by 5 per cent from October 1st.

The company said the reduction would benefit customers’ average residential gas customer with a saving of €39.47 (including VAT) per year.

It is Electric Ireland’s third reduction in residential gas prices in 18 months, delivering an average saving of €80 to gas customers over that period.

Electric Ireland executive director Jim Dollard said the company was "happy to reduce prices again for our gas customers ahead of winter and fulfil our promise of passing on savings to our customers as soon as they become available".

“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. This includes the 6 per cent decrease in electricity unit prices last June.”

The company said its customers could also claim additional savings of up to 8.5 per cent off their energy bills year after year if they pay by direct debit and sign up for online billing.