The government is closely monitoring fuel prices and supply resilience as global tensions in the Middle East begin to create economic pressures.
Chief Minister Alfred Cannan MHK chaired an extraordinary meeting of the Economic and National Strategy Board on Tuesday (March 10) to assess the emerging economic and social impacts of the conflict.
Ministers and senior officials reviewed detailed analysis on potential inflationary pressures, particularly movements in global energy markets, alongside wider risks to the island’s economic stability.
Fuel Costs Likely to Rise
Government officials confirmed they are working closely with fuel suppliers as demand increases, with current assessments indicating that fuel prices are likely to rise in the coming weeks.
The Office of Fair Trading will be monitoring developments and residents are being asked to remain patient while orders are processed.
Despite the pressures, the Board was reassured about the resilience of the island’s supply chains for fuel, food and medicines.
The meeting also received updates on work being carried out with the UK Foreign, Commonwealth and Development Office to support Manx citizens affected by the conflict abroad.
‘Proactive & coordinated approach’
Following the meeting, the Chief Minister said the session had enabled Government to assess potential economic, social and operational impacts and ensure preparations are under way.
He said the island would continue to prepare for any developments in energy markets, supply chains or other areas that could affect daily life, adding: “Our thoughts remain with all those affected by the conflict.”
The Board will continue to meet regularly as the situation evolves to ensure Ministers and officials remain aligned and ready to respond.
A dedicated information page has been launched at gov.im/middle-east for anyone seeking support related to the conflict.
