Price rise contingency plans 'ready if needed'

Price rise contingency plans 'ready if needed'5 minutes agoShareSaveAdd as preferred on GoogleRebecca BrahdeIsle of ManPA MediaTreasury Minister Chris Thomas said contingency plans to deal with potential price increases were in placeContingency plans for essential services are "ready if required" amid price hikes in the wake of the conflict in the Middle East, the treasury minister has said.The ongoing situation has resulted in fuel and oil prices in particular surging, as well as some forecourt shortages.In an update to Tynwald, Chris Thomas said wholesale heating prices had jumped by 70%, while diesel and petrol prices had risen to 189p and 154p per litre respectively.Although the government was "monitoring impacts on public services", he said, "no disruption is anticipated"."Contingency plans to protect essential services are ready if required, and government is working closely with charities whose support for households remains as important now as ever," he said.Thomas warned that further knock-on effects were "likely as costs pass through supply chains", which would hit food prices in particular later in the year due to the rising price of fertiliser.Measures such as a reinstated bus fare cap may be necessary, he said, however, the government was not considering offering subsidies.'Significant amount'MHK Lawrie Hooper noted that filling a 900-litre tank of heating oil was now £400 more expensive than it was three months ago. "That is a significant amount of money for someone to find," he said and questioned what support was in place for people trying to buy the product.Michelle Haywood MHK argued there was an "urgent need" to plan for elevated prices that set to continue into the colder months, and said asked if targeted winter assistance measures such as extending the winter fuel payment and eligibility criteria, or specific support for households on heating oil was being...