The Chief Minister explained that while rises were significant, the freight surcharge is lower than in previous years.
He said: “We are taking this very seriously. Price increases of this level do impact costs.”
Members pressed the chief minister to give assurances to vulnerable households that they would be given support, ahead of an update from Treasury in April’s Tynwald sitting.
Cannan said the government planned to target help where it is needed most, particularly for people relying on heating oil.
He also highlighted the unpredictability caused by the war in the Middle East, noting that oil prices could fluctuate rapidly.
Cannan said a new group, including business leaders and ministers, had been created – to track how families and companies were being affected.
Plans are also in place to make sure essential services are kept running and fuel remains available, he said.
Other members, such as Ramsey MHK Lawrie Hooper, suggested revisiting measures used during the Covid pandemic, when fuel surcharges were temporarily fixed to reduce sudden price spikes.
Cannan said while all options were being considered, the current fuel surcharge was lower than the 2022-23 peak.
But he stressed households and businesses must prepare for further uncertainty, with the future of the conflict in the Middle East still unknown.
“We just simply don’t know. It could end in two days, it could end in two years,” he said.