Gas tariff prices are to be reduced by 5.5p a unit.

It represents just under a 25% drop in prices.

The Isle of Man Communications and Utilities Regulatory Authority (CURA), which regulates gas in the island, has announced it will be making a reduction from 22.21p per unit to 16.67p per unit.

The new tariffs will take effect from November 14 and remain in effect until December 31 this year.

However, prices are still 118% higher than they were in September 2021 when the price per gas was 7.64p per unit.

It follows the authority triggering a review of gas tariffs last month.

The CURA said at the time it believed that, due to recent price movements on the wholesale gas commodity market, a reduction of tariffs may be warranted.

Having had the opportunity to review tariffs, it has determined that a reduction ‘is required’.

A full breakdown of tariffs will be published by Isle of Man Energy in due course.

There will also be a scheduled review in December to set the tariff for the 2023 period, which ‘is a separate process in its own right and must be completed despite this review taking place’, says the CURA.