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Wholesale gas prices continue to tumble

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The weakening euro has hit Irish prices and has offset larger falls in prices seen in the UK wholesale gas market

The weakening euro has hit Irish prices and has offset larger falls in prices seen in the UK wholesale gas market

Getty Images/Tetra images RF

The weakening euro has hit Irish prices and has offset larger falls in prices seen in the UK wholesale gas market

The cost of buying natural gas on the wholesale market fell in March, with average wholesale prices in Ireland down 4pc year on year, according to the latest Wholesale Energy Market Report by Vayu Energy.

The gas company said the drop in prices resulted from increased supplies which have offset higher demand arising from colder weather conditions compared to the same period last year.

The weakening euro has hit Irish prices and has offset larger falls in prices seen in the UK wholesale gas market. Average day-ahead prices on UK NBP gas market finished trading last Friday at 47.25p. Average day-ahead prices in sterling for March were down 17pc year on year.

Irish Independent