OFT confirms gas price rise complies with regulatory agreement

The Island's Office of Fair Trading insists Manx Gas's price rise complies with its Regulatory Agreement.

The energy supplies revealed it's putting its gas tariff up by 3.5% and the standing charge up by 2.5% from the start of June.

The OFT confirmed it has scrutinised Manx Gas's accounts and forecasts, and concluded the price rise will ensure the company achieves a fair level of profitability set by the Regulatory Agreement.

The Regulatory Agreement was signed in 2015 to ensure Manx Gas can't exploit its monopoly, and ensure customers get a fair price.