Manx Gas will not reduce its tariffs like major energy firms in the UK have done over recent days.
In a statement this morning, the company’s director said it simply wasn't in a position to lower prices at this time.
Robert Gardner stressed that the company is currently offering the best possible prices and that last summer Manx Gas raised its natural gas tariff by 2.5 per cent while some UK firms went as high as 15 per cent.
Mr Gardner added: "Manx Gas controlled the increase in natural gas tariff through effective forward purchasing of gas earlier in the year.
"We will continue to forward purchase gas in order to offer our customers the best tariff possible.
"The company is very aware of the current financial climate and the difficulties everyone is facing but, unfortunately at this time, we are not in a position to reduce our tariffs.
"We will, however, continue to analyse the market to identify forward purchasing opportunities which would allow us to offer the best value to our customers.”
British Gas has cut its electricity tariff by five per cent, which will knock £24 a year off a typical bill in the UK.
Meanwhile, Scottish and Southern is reducing gas costs by 4.5 per cent, EDF kick-started the round of price-cutting yesterday.
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