OFT notified of gas price hike

Thu, 03 May 2012

The Isle of Man Office of Fair Trading says Manx Gas has told the organisation that its price rises are necessary.

The energy supplier announced yesterday that the average customer can expect a rise of between £54 and £64 per year when new tariffs come into force in a week's time.

The OFT was informed of the higher cost price to Manx Gas and the price increase for customers, and says the level of profit is within an acceptable range.

Natural gas prices are rising by 8.2%, whilst there's a 6.4% increase for LPG customers.

Manx Gas has blamed the increasing cost of gas globally for the rises.