Scottish Power has become the latest of the so-called 'Big Six' energy firms to cut its standard gas price.
Like its rival British Gas, the company said it would be waiting a month before implementing the reduction.
The 4.8% cut will come into force on 20 February - benefiting 1.1 million of its customers.
E.ON has already implemented a 3.5% reduction following a 30% fall in wholesale costs over the past 12 months, though firms have argued it will take time for this to filter through because raw energy is purchased up to three years in advance.
However, consumer groups have accused them of always being quick to raise prices when wholesale costs go up and slow to react to falls.
Neil Clitheroe, ScottishPower's CEO of Retail and Generation, said: "We are pleased to be able to pass on this price reduction to our customers, which will see the average annual gas bill on our standard tariff reduce by £33.
"Today, we have also launched a new fixed-price tariff which is one of the most competitive in the marketplace, with an average dual fuel bill value of £930.
"All ScottishPower customers can take advantage of our best deals by contacting us or visiting our website.
"Customers already on fixed-priced tariffs can also move between our tariffs at any time, without paying any exit fees.
"Today's decision has been made to benefit our customers and keep our prices competitive.
"We will continue to keep our prices under review. Our pricing reflects all of the costs that contribute to a customer's bill.
"The wholesale price of energy accounts for half of a customer's gas bill, but non-energy costs such as transmission and distribution networks and environmental and social obligations remain unaffected by any wholesale energy price movements."
The reductions have fallen short of industry estimates, which suggested bills could fall by £136 a year if suppliers passed on the full reduction in wholesale prices.
An in-depth investigation by the Competition and Markets Authority is currently ongoing in the energy sector, which could force the larger firms to break up.
Energy Secretary Ed Davey said: "Competition is hotting up and customers will see the benefits. With the market getting more competitive there's even more pressure on other energy companies to drop their prices.
"If people aren't seeing price cuts, now is the perfect time to check their tariff and see what deals are on the market."
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