Cannan said the government had “learned our lessons” from the knock-on effects of the coronavirus pandemic and the war in Ukraine, which had shown a need to “start getting access to data at an early stage”.
The government previously capped electricity bills on the island and offered payments to the vulnerable after the wholesale price of gas soared in the wake of the war in Ukraine.
He said while there was no immediate threat on a broader basis yet, there was a “need to brace ourselves” for “potential increases at the pumps in terms of our direct supply of fuels”.
Gathering the data would put ministers in a position to understand what the government might need to do to “balance the equation to ensure that we protect jobs, that we protect the economy, that we protect people’s lives”, he said.
However, Cannan also warned against any firms profiteering in the face of rising prices.
“I expect there to be significant rises, that’s understandable. I also expect companies to be able to justify those rises,” he added.