Natural gas prices hiked

Natural gas prices hiked

Natural gas prices hiked

Natural gas prices have been increased and are effective as of April 1, the Petroleum Pipeline Corporation (BOTAŞ) has announced, citing rising costs.

According to the statement the state-owned company released, natural gas prices for households and industrial facilities were hiked by 35 percent and 50 percent, respectively.

The price of natural gas, which is used in electricity production, was also increased by 44 percent.

Turkey meets almost all of its natural gas needs from foreign suppliers under international agreements, BOTAŞ said, stressing that since the start of 2021, energy prices have spiked and fluctuated significantly in the global markets.

However, those price increases have not fully passed on to consumers in Turkey, and the Turkish state continued to support consumers,” the statement added.

BOTAŞ furthered that according to the Household Energy Price Index (HEPI), the most affordable natural gas in Europe is offered in Turkey.

“Yet, conditions required an increase in natural gas prices,” it said.

Data from the Energy Market Regulatory Authority (EPDK) shows that Turkey’s natural gas consumption amounted to 59.6 billion cubic meters in 2021, rising 24 percent from the previous year, while the country’s imports grew 22 percent to 58.7 billion cubic meters.

Households accounted for a little over 36 percent of total natural consumption in December 2021, while their share was around 43 percent in January this year. The industry sector’s share in consumption was 23 percent in December last year and 20.4 percent in the first month of 2022.

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