Office of Fair Trading Vice Chairman Chris Thomas MHK says there's very little it can do about rising gas prices.
Earlier this week Manx Gas announced its price per unit and standing charge would be going up by 2.9% and 3% respectively from next month.
Announcing them, the company said the increases were required because people have been using less gas, which has hit their profits.
The OFT currently has the power to investigate and comment on such moves, but not to stop them.
Mr Thomas says he'd like to OFT to be able to do more:Clip 1
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