Scottish Power is set to cut its standard gas and electricity prices on March 31st.
The energy firm, which has 5.2 million customers in the UK, will reduce its standard gas prices by 7.5 per cent and electricity by an average of three per cent.
The price reductions come after reductions in prices by four of the other big five energy firms.
Willie MacDiarmid, Scottish Power's director of retail energy, said: "Although wholesale prices have fallen recently, the market remains volatile. We are working hard to protect our customers from this volatility and ensure that we offer the best possible value and service over the longer term."
The firm said an average dual fuel customer paying by Direct Debit would see their annual bill fall by £54 to £1,156 a saving of less than five per cent.
Scottish Power and Scottish and Southern Energy are the only two firms to reduce both their gas and electricity tariffs.
In related news profit at British Gas's residential arm fell by 34 per cent last year but total profit at Centrica, British Gas's parent firm, were down just 0.4 per cent to £1.94 billion.
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