Gas prices on the Isle of Man are to set to climb by almost 45% as the cost of living continues to soar.
The rise of 43.9% on 1 September will see bills for Manx Gas domestic customers increase by £677 per year on average.
The company's Chief executive Jo Cox claimed the increase "could not be avoided" and is blaming Russia and the continued disruption to the global energy market.
Treasury Minister Dr Alex Allinson said the Manx Government is exploring a "range of options" for more "targeted support", with an announcement expected in October.
The last price increase took place in April 2022, which saw Manx Gas customers' bill increase by 55%.
Chief executive of Manx Gas, Jo Cox, said: “Extreme volatility in the global energy market saw commodity costs spiral to unprecedented levels last winter and recent supply reduction and disruption by Russia have pushed them higher again.
“We understand that tariff increases are incredibly difficult for our customers to manage but, given the increase in the price of energy on wholesale markets, they unfortunately cannot be avoided.”
Ms Cox went on to say that Manx Gas will continue to offer payment plans and other support.
The Communications and Utilities Regulatory Authority approved the tariff hike, adding: "Wholesale prices have increased considerably in recent weeks spurred by Russia reducing the flow of natural gas to Europe."
Chief Minister Alfred Cannan MHK said: "The Isle of Man Government is taking this situation extremely seriously and is acutely aware of the looming challenges facing families and businesses this winter.
"I wish to reassure people that work is taking place to understand how support can be targeted to best protect the community through this period of significant economic turbulence."
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