Sharp falls in global oil prices dragged the Bord Gáis Energy Index down last month despite monthly increases in the other energy sources.

The price of wholesale natural gas jumped 4 per cent in October while coal prices were 2 per cent up on September. Wholesale electricity prices edged up 1 per cent.

However, a 9 per cent slide in the price of oil on world markets saw the energy index dip 5 per cent in October.

Saudi Arabian national petroleum and natural gas company Saudi Aramco cut prices in a move being seen as a response to competition from alternative oil sources in the US. –(Bloomberg)