No reduction in gas prices for Island residents

Wed, 21 Jan 2015

Householders will have some time to wait before seeing a reduction in gas prices.

That's the message from the Office of Fair Trading which says it won't happen concurrently with the UK until Manx Gas decides against buying early.

Scottish Power cut its standard domestic gas price by 4-point-8 per cent yesterday and British Gas and E-ON have also announced a drop.

OFT chief executive Mike Ball explains why residents are paying last year's prices: