MANX Gas has today (Friday) announced that gas prices in the Island will increase.
From Friday, October 8, there will be a 5.5 per cent increase in all natural gas tariffs and a 7.6 per cent increase for Liquid Petroleum Gas (LPG) customers on all metered, cylinder and metered tariffs.
The company say it has been forced to increase prices in the face of global market pressures on energy prices.
Tony Nicholls, managing director for Manx Gas, said: "The stark fact is that we can no longer continue to absorb rising costs and give shareholders the rate of return that is needed to maintain the infrastructure.
"It should be remembered that last year natural gas prices came down by 8.2 per cent in real terms and natural gas is still cheaper today than it was a year ago."
Mr Nicholls said that the company had been careful in its forward planning which was a major factor in allowing the company to limit the increase in natural gas prices to 5.5 per cent.
He continued: "We will continue to review wholesale prices throughout the coming months to ensure all tariffs reflect prices on the energy markets, both downward and upward movements are possible as the market forecasts do not always prove accurate."
