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:
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"He enjoyed hearing the Manx national anthem!": King greets guests at Government House
His Majesty meets representatives of the Manx community at Garden Party
Crowds gathered in glorious sunshine to see the Monarch
Live blog: King Charles visits the Isle of Man
Updates from the Lord of Mann's first visit to the Island since ascending to the throne
King speaks of Island's 'enduring partnership' with the crown
King Charles III spoke in Tynwald this lunchtime
