Despite falling oil and gas prices globally, Irish gas supplier Bord Gáis is set to apply for further hikes - between 5% and 8% - this week.

However, the price increase is less than previously expected, following the notable decline in values on the world market.

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In September the supplier sanctioned a 20% price increased. Bord Gáis had originally sought permission from the regulators to bolster tariffs by 38%.

The regulator agreed to divide the overall hike into two separate price increase.

Since then, world gas prices have dropped by almost one quarter.

As a result, Bord Gáis has applied for a lower increase than was expected.

The regulator will now decide whether the next phase of price increases is warranted.

Any change in price would take effect from 1 January.

(PR/JM)