OFT pledges to monitor Manx Gas profits agreement

The Island's Office of Fair Trading says it will monitor closely a new voluntary agreement with Manx Gas over profit levels.

The utility company has signed a four year deal with the OFT and government, which will lower what's called the acceptable profit range.

However, Manx Gas will continue to set its own prices and tariffs and it's unclear what effect the oversight will have on gas bills.

OFT chairman David Quirk says it's a better deal for consumers after on-going concern about profits made by the Island's sole provider of gas.