An island fuel supplier has warned that its next shipment is likely to arrive at a ‘significantly higher cost’ as global prices react to the ongoing conflict in the Middle East.

Manx Petroleum said it is currently unable to provide indicative prices for new orders due to volatility in the global market.

In a statement issued on Tuesday, the company said: ‘Due to the ongoing situation in the Middle East and the resulting volatility in global fuel prices, we are currently unable to provide indicative prices for any new orders.

‘So far, the island has been insulated from the increases seen on the adjacent isle. However, unless the situation stabilises soon, our next shipment of fuel is likely to arrive at a significantly higher cost than the last.’

The supplier added that it is continuing to monitor developments closely and hopes conditions improve before the next delivery, at which point it will resume quoting prices.

Despite the warning over costs, Manx Petroleum stressed there are currently no concerns regarding supply from the refinery.

Customers on automatic deliveries who are concerned about pricing have been encouraged to contact the company directly.

The update comes as the Isle of Man Government continues to assess the wider impact of the conflict.

He confirmed that an extraordinary meeting of the Economic Strategy Board had been convened to review developments, with the group now set to meet weekly as the situation evolves.

Mr Cannan said there is currently no threat to supply chains, with goods continuing to arrive as normal, but warned that pricing pressures remain the main area of uncertainty.

He added that the government will continue working with fuel companies to better understand how costs may change, while reassuring members that the island remains financially resilient and prepared to respond if necessary.