Oil and gas prices to remain 'abnormally high'

Oil and Gas prices are expected to remain 'abnormally high' for at least the rest of the year.

That's according to Treasury Minister David Ashford - who delivered a statement in Tynwald on Tuesday. 

Amid the Russian invasion of Ukraine - Mr Ashford said Russia's major role in global energy supply has led to high volatility in oil and natural gas prices.

The Minister also acknowledged Inflation could reach as high as 10 per cent later this year.

He said he recognises options for lower-income households are limited.