The Transport Minister has been explaining his change of heart over the mechanism which monitors the fares charged by the Steam Packet Company.
When the User Agreement was first considered more than 10 years ago, Phil Braidwood voted against it because he believed it would give the Packet a monopoly.
However he has since changed his mind, and now sees it as a fair way of ensuring prices don't spiral out of control.
The agreement means fares cannot go above the Manx Retail Price Index.
Mr Braidwood says he feels customers are offered value for money.
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