PrepayPower has become the fifth energy company to reduce prices for Irish customers in the last few weeks.
From November 1st, gas prices will drop by 13.5 per cent and electricity by 12.8 per cent.
The typical customer using both services can expect a saving of €435 per year, the company said.
PrepayPower is Ireland's largest pay-as-you-go provider, with 180,000 customers to benefit from the price reductions.
SSE Airtricity and Electric Ireland recently announced similar cuts.
Taoiseach Leo Varadkar has said energy companies will need to go further to help people amid the cost-of-living crisis.
“The Government welcomes the recent announcements from energy companies to reduce their prices, which will mean lower bills for customers from October and November of this year,” Mr Varadkar said on Wednesday.
“People are really struggling with the cost of living and energy costs are a big part of that. I met with the main energy companies this afternoon and indicated to them that they must go further in future billing cycles, subject to wholesale prices not increasing again.”
As people will begin to use more energy moving into the winter months, Mr Varadkar said the energy providers had committed to helping their customers.
“I am particularly concerned about what companies are doing to help their most vulnerable customers and received commitments from them this afternoon that they will continue to help over the winter period, through their respective hardship funds, prompt customer service and minimising disconnections outside of the moratorium period, which last year covered October through to the end of March,” he said.
“I understand CRU, the utilities regulator, will make a decision on this year’s moratorium period shortly.”
