Manx Gas customers will be hit with a 3.5 per cent price rise from the end of next week.
Standing charges are due to go up by the same percentage, too.
It means the average bill will go up by around £27 a year.
The firm's commercial director, John Davies, says it can no longer absorb rising global energy costs:
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John Wannenburgh: 'Commitment, compassion and an unwavering sense of duty'
Tributes following the unexpected death of Douglas North MHK
Manx Utilities 'deeply saddened' by death of chairman
Wannenburgh praised for 'exceptional' leadership
"Tynwald will be a less colourful place without John" says president
Watterson describes Wannenburgh as 'devoted' to constituents
Douglas North MHK pays tribute to 'amazing friend'
Wannenburgh had 'biggest heart of anyone I've ever met' says Ashford