Breaking
Gas Prices to Drop by 25%
The cost of gas is still 118% higher than it was in September 2021.
Gas prices in the island are to fall by 5.5p a unit, just under 25%, from November 14 and will remain at 16.67p/unit until the end of the year.
The Communications and Utilities Regulatory Authority recently reviewed tariffs given the drop in the global price of gas.
Following a review of the information supplied by Isle of Man Energy (formerly Manx Gas), CURA has tonight announced that prices will reduce from 22.21p/unit to 16.67p/unit, with a full breakdown of tariffs being published by IoME in due course.
The decrease, the first since CURA took over regulating the island’s gas markets, sees prices fall by 24.94% from their current level. However, the cost of gas is still 118% higher than it was in September 2021, when tariffs were at 7.64p per unit.
In its statement, CURA said: ‘The Authority has been consistent in its stance that tariff stability is one of its priorities as it is in the interests of all stakeholders, consumers, the wider public interest, and Isle of Man Energy. Large movements in tariffs create uncertainty in the market and tend to adversely impact consumer confidence.
‘The consequence of this is that the Authority must balance the competing interests of ensuring the most competitive tariff possible at any given point in time with the need for stability.’
While the new tariffs take effect from November 14, there will be a scheduled review in December to set the tariff for the coming 2023 period, CURA said ‘this is a separate process in its own right and must be completed despite this review taking place’.
