Following a review from the regulator, Manx Gas will increase its tariffs by 58% from Friday.
The new framework ensures Manx Gas can only recover its costs ‘plus a fair return,’ so when wholesale prices are high, so are tariffs.
Chief Executive of the Communications and Utilities Regulatory Authority, Ivan Kiely, says when the global gas markets stabilize, tariffs will come down in a timely manner.
He adds that customers will likely not see the full impact of the increases for a number of weeks, and encourages households to submit a meter reading as soon as possible to make sure they are billed accurately.
The new prices will come into effect on April 1, though standing charges will remain unchanged.
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