News
Fuel cost adjustmentFeb 07, 2011
Manx Gas announced today it has become necessary to apply a Fuel Cost Adjustment to its tariffs from 17 February, 2011 as a result of global increases in Natural Gas and LPG prices.
There will be a 0.53p per unit increase in all natural gas tariffs, while the cost of Liquid Petroleum Gas (LPG) will rise by 1.15p per unit for all metered tariffs, mini bulk and cylinder tariffs. This will cost the average domestic natural gas central heating customer an additional £53.00 per year.
Manx Gas managing director Tony Nicholls said: “We regret having to make this Adjustment but the well publicised increases in world prices for energy affect us all. Despite our efforts to secure the best prices for our customers by buying ahead, natural gas costs have risen significantly and are forecast to stay high for 2011.
“The cost of LPG has increased far beyond our forecast and we paid significantly more for the feedstock up to the end of December than we had budgeted and the outlook is for prices to stay at a high level for 2011. This will cost the average domestic LPG central heating customer an additional £115.00 per year.”
Looking ahead Mr Nicholls added: “We will continue to review wholesale prices throughout the coming months to ensure all tariffs reflect prices on the energy markets, both downward and upward movements are possible as the market forecasts do not always prove accurate.”
Manx Gas has informed the Office of Fair Trading of the new tariffs.
Download our latest tariffs as a pdf
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