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Turkey hikes natural gas prices nearly 15 percent overnight

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Turkey’s Petroleum Pipeline Corporation (BOTAŞ) on Wednesday night announced that the price of natural gas would be increased by 14.97 percent for residences and 13.73 percent for industrial sites, the Artı Gerçek news website reported.

The new prices will be applicable as of Aug. 1.

The move came after an increase of 14.98 percent was applied to electricity prices at the beginning of July.

Last week Turkey’s Chamber of Electrical Engineers (EMO) 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.

Turkey, which depends mostly 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.

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