Flogas has become the latest energy provider to raise its prices in the face of soaring oil and gas prices internationally.
The company said it will increase residential electricity prices by 27 per cent and natural gas prices by 29 per cent from May 7th.
According to price comparison website bonkers.ie, the price hikes will add about €500 a year to the average customer's electricity bill and more than €400 to the annual gas bill.
Flogas increased its gas and electricity prices four times in 2021.
"Due to the unprecedented and sustained rise in wholesale gas prices and the associated rise in wholesale electricity costs, Flogas Energy is today announcing increases in electricity and natural gas bills for residential customers," Flogas said.
“Wholesale costs have continually increased in the last 12 months. The escalating geo-political situation is adding to the pressures already existing in the Irish and European energy markets,” the company said.
“Prices are remaining high and increasingly volatile, with little sign of improvement in the medium term,” it said.
The move by Flogas comes in the wake of similar price increases by Electric Ireland, Bord Gáis, Energia and others.
Surging energy prices, aggravated by Russia's invasion of Ukraine, have pushed wholesale energy costs to record levels in the case of natural gas.
They have driven inflation here to a 22-year high of 6.7 per cent.
Paul Kenny, Flogas Energy's general manager, said: "All Irish energy suppliers are being faced with the same rising wholesale cost increases. While we have worked hard to minimise and delay price changes during the winter months, we now regrettably need to reflect the increased costs in our prices."
Daragh Cassidy of bonkers.ie said when all price increases over the past year are taken into account, Flogas customers will be paying over €2,200 more for their gas and electricity each year.
“Today’s news had been expected given the skyrocketing cost of gas on wholesale markets,” he said.
Mr Cassidy also noted that Flogas has also announced significant increases to the daily standing charge for gas and electricity customers, “the scale of which seems difficult to justify”.
He added: “Flogas customers will now be hit with a standing charge of over €380 a year for electricity and around €250 a year for gas. So it’s a significant sum to pay before you’ve even turned on the heat or the kettle.”