Aug 01 2019

Turkey raises natural gas prices by 15 percent

Turkey increased the price of natural gas for households and some businesses by 15 percent, Hürriyet newspaper reported citing a decision by the energy regulator.

The price increase, to be applied on wholesale gas sales from Aug. 1, will be paid by persons or businesses consuming less than 300,000 cubic meters of gas per year, Hürriyet said. Bigger consumers of the fuel will pay 13.7 percent more for their supplies, it said.

Turkey is seeking to curb price increases to meet an annual inflation goal of 15.9 percent by the end of the year. Many price hikes were delayed this year as the government prepared to compete in local elections, which ended in June with a re-run of a vote for mayor of Istanbul. Turkey imports nearly all of the natural gas it consumes.

Consumer price inflation in Turkey slowed to an annual 15.7 percent in June from 18.7 percent the previous month. The government says it expects inflation to slow to single digits in the third quarter of the year.