Manx Gas prices are set to increase by nearly 44% next month
On September 1, the all-island tariff will go up by 6.8p per unit – from 15.4377p to 22.2106p per unit – an increase of 43.9% and representing an extra £677 per year for the average customer.
Chief Minister Alfred Cannan has pledged ‘targeted support’ for cash strapped customers.
The government says work is taking place to assist those most in need following today’s announcement, although no details have been announced.
Mr Cannan said: ‘We are facing severe energy pricing fluctuations and this most recent rise in gas prices will undoubtedly lead to concern among many in our community.
‘The Isle of Man Government is taking this situation extremely seriously and is acutely aware of the looming challenges facing families and businesses this winter.’
He added: ‘I wish to reassure people that work is taking place to understand how support can be targeted to best protect the community through this period of significant economic turbulence.’
Treasury Minister Dr Alex Allinson said the government had been ‘closely monitoring’ inflationary pressures on the cost of living throughout the year, with the ‘expectation’ that further support would be required in the coming months.
Dr Allinson added: ‘Government has already provided support packages totalling more than £6.3 million during the first six months of 2022.
‘Treasury is currently working on a range of options for more targeted support to help those most affected by the rise in energy costs and these will be announced at the October sitting of Tynwald.’
Islands Energy Group – the parent company of Manx Gas – is blaming ‘extreme volatility’ in the global energy market.
Gas prices were last increased in April.