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Cost of motoring set to rise

by isleofman.com 23rd February 2012

There'll be more misery at the petrol pumps for Manx motorists this summer.

A reciprocal agreement with the United Kingdom, approved by Tynwald this week, means the price of fuel will go up just over three pence a litre from the start of August.

But while such a duty increase is beyond the Isle of Man's control, it is of concern to a senior politician.

Alex Downie MLC questioned whether this would push the Isle of Man's rate of inflation over the current four per cent and said it would have a significant impact on the local community.

He said for most people the cost of living had spiralled in recent months, estimating that we are probably around 15 to 20 per cent worse off than a few years ago.

Treasury Minister Eddie Teare said the rise would take some time to register on inflation as it's recorded on a 'backward looking basis'.

He also admitted that the additional ?1.2 million to ?1.5m that this rise will bring in has been taken into account in the budget - and while it hasn't yet been spent it has been 'committed'.

Ultimately though Mr Teare said it was a 'cross we had to bear'.

Posted by isleofman.com
Thursday 23rd, February 2012 07:39pm.

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