Turkey hit with third month of electricity and gas price hike

Turkish authorities on Monday hiked electricity and natural gas prices for the third consecutive month as the lira’s sell-off continues to drive up various costs, independent news site T24 reported.

Effective Monday, electricity rates for residential consumers went up by 8 percent and for commercial and industrial consumers by 18 percent, the site reported.

State pipeline operator BOTAŞ had previously announced a 9 percent increase in natural gas rates for residential and 18.5 increase for commercial and industrial consumers, effective Monday.

With the latest price hikes, Turkey’s natural gas prices increased 29.5 and 54 percent for residential and commercial and industrial consumers respectively.

The new rates arrive as the country’s embattled currency has has lost some 37 percent of its value against the dollar so far this year, raising  increasing concerns of President Tayyip Erdogan’s grip over Turkey’s monetary policy and the ongoing diplomatic row with the United States.