Irish energy prices fell 5 per cent last month to the lowest level so far this year following record highs recorded in March.

The Bord Gáis energy index, which measures wholesale energy prices, stood at 138 in May, a decrease of 4 per cent compared to May 2012.

Irish wholesale electricity prices fell 11 per cent last month as wholesale UK gas prices continued to drop from record highs seen in previous months after a particularly cold winter.

Ireland also benefited from increased power imports from the UK last month as a result of the full availability of the new sub-sea power cable connecting the Irish and British power grids.

Brent crude prices fell as traders continued to digest the potential impact of North American shale oil production on the global oil market coupled with weaker Asian demand as China’s economy slows.