Energy prices in Turkey increased 300 percent in last 16 years: watchdog

This picture taken on August 3, 2018, shows a view of the facility of the Lozenets-Nedyalsko natural gas transit pipeline to Turkey near the village of Lozenets on August 3, 2018. The gas pipeline extension will increase the capacity of transited natural gas from 14 billion to 15.7 billion cubic metres a year,and will enable the transportation of gas in the opposite direction – from Turkey to Bulgaria. / AFP PHOTO / Dimitar DILKOFF

Turkey’s Chamber of Electrical Engineers (EMO) has announced that energy prices have increased by more than 300 percent in the last 16 years, making Turkey first among Organization for Economic Co-operation and Development (OECD) countries in energy price increases.

The OECD price increase average in the same period was around 75 percent, according to a Sözcü daily report.

Turkey, which is almost totally dependent on imports for energy, survived a currency crisis in the summer of 2018, with the lira losing some 30 percent of its value against the US dollar.

The EMO statement stressed that recent price hikes in the energy sector would increase inflation, which has recently been in a downward trend, standing at around 16 percent.

The chamber also complained about indirect taxes included in electric and natural gas bills.

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