The Treasury and the Office of Fair Trading are looking at introducing new rules on energy.
Chief Minister Allan Bell confirmed earlier this week that the ideas of voluntary or statutory regulation are being progressed.
Manx Gas currently has the monopoly on gas services with people facing large costs and barriers if they wish to change their fuel type.
The Office of Fair Trading is said to be keeping a close watch on the company to ensure profits are staying in an acceptable range.
However South Douglas MHK Kate Beecroft believes an independent regulator is needed:
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