Island will not escape 'significant' fuel price rises

The conflict in the Middle East will result in "significant" increases to fuel prices on the Isle of Man in the coming week, the Chief Minister has warned.

In the UK, wholesale oil and gas prices have surged since the attacks began on 28 February, as production and transportation has slowed, or stopped entirely due to missile and drone strikes.

In an urgent statement to the House of Keys, Alfred Cannan said there was "no shortage in fuel supply on the island" and there was "currently no threat to our supply chain."

But he told members, that there will be "significant price rises that will feed through to our stores over the coming days."

"Since the start of the war, the Island has been relatively shielded due to the infrequent way our supplies arrive," he said, but the "upward pressure affecting international fuel markets is now feeding through into the island's fuel supply."

'Work as community'

MHK Michelle Haywood raised concerns about the impact that the rise would have on vulnerable customers.

"Many people who are on very low incomes will be very worried about racking up debts in order to pay for their fuel bills," she said.

Lawrie Hooper said as oil and fuel prices were paid upfront, he questioned whether there would be support in the "more immediate future."

And Rob Callister suggested offering discounted bus and rail fares to encourage people to use public transport and not use their cars.

Cannan said: "There are steps all of us can take as we approach increased prices, and it is important that we work together as a community.

"Individuals should be considering how they best conserve their energy, adjust their heating usage where that is possible, and working with people they know who may be more vulnerable to these price increases," he said.

The government was working closely with fuel suppliers, the regulator and the office of fair trading to monitor the situation, he said, and suppliers had indicated they were open to extend credit.

Customers who were struggling, should in the first instance reach out to their supplier, he said.

As it could be a "prolonged crisis" in terms of the price and economic impacts, the government would carefully consider its position and monitor the situation.

The immediate challenge was protecting vulnerable customers and then determining how and where support should be focused, he added.

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