Manx Gas customers will be hit with a 3.5 per cent price rise from the end of next week.
Standing charges are due to go up by the same percentage, too.
It means the average bill will go up by around £27 a year.
The firm's commercial director, John Davies, says it can no longer absorb rising global energy costs:
Clip 1
Tynwald rejects proposed referendum on the Island’s net-zero policy after extensive debate
Island to maintain its current policy approach
Are Manx people happy?
Government publishes Social Attitudes Survey
Tonight's Heysham sailing cancelled
Overnight return service also called off due to forecast poor weather
Plans to progress waste disposal facility near Ronaldsway outlined
The proposals are currently on display at Malew Commissioners
Emergency Road closure to remove dangerous tree
Teams on site in Billown Dip