Fuel costs 'likely to rise' amid Middle East conflict

Chief minister issues update after extraordinary Economy and National Strategy Board meeting

The chief minister's admitted fuel costs are likely to rise in the coming weeks, but says they will be monitored by the Office of Fair Trading (OFT).

It's after an extraordinary meeting of the Economic and National Strategy Board reviewed the emerging impacts of the Middle East conflict.

Members considered a detailed analysis of potential inflationary pressures, particularly movements in global energy markets, as well as wider risks to the Island's economic stability.

Government admitted it's working closely with fuel suppliers while demand has increased, but has asked residents to be patient as orders are processed.

However, Alfred Cannan says he's been 'reassured' about the resilience of the Isle of Man's fuel, food and medicine supply chains. 

He adds: "This week’s meeting enabled us to assess the potential impacts on our Island — whether economic, social or operational — and ensure that the necessary work is under way to safeguard our community.

"I want to reassure the public that Government is taking a proactive and coordinated approach. 

"We will continue to prepare for any potential developments in energy markets, supply chains or other areas that could influence life here at home.

"Our thoughts remain with all those affected by the conflict."

The board will continue to met regularly as the situation unfolds, and a dedicated website has been launched to help anyone needing support in relation to the conflict.

You can find out more here.