Swings and roundabouts effect of falling petrol price

The falling price of road fuel is offering hard-pressed Island drivers some welcome relief, with pump prices at a six year low.

Although fuel is still more expensive here than in the UK - where supermarkets are selling unleaded at just under 104p per litre - the average family is estimated to be saving around £200 per year at current prices.

But what effect is that having on income to the Treasury - which collects excise duty and VAT on every litre of fuel consumed in the Island?

Minister Eddie Teare says Treasury's reduced income from the pumps won't blow a hole in government budgets.

He says the price drop could be cost-neutral for the Manx economy, if residents spend the money they've saved in the local economy: