Electricity and natural gas prices hiked

Authorities have announced hikes in electricity and natural gas prices for households as well as industrial users.

The Energy Market Regulatory Authority (EPDK) said in a statement that electricity prices for households and industry were increased by 15 percent and 25 percent, respectively.

The new tariffs took effect as of June 1.

Separately, the state-owned Petroleum Pipeline Corporation (BOTAŞ) announced that it increased natural gas prices for households by 30 percent.

The price of natural gas used in electricity production was hiked by 16.3 percent and by 10.2 percent for gas used in industry.

Turkey imports 99 percent of the natural gas it consumes under international agreements, BOTAŞ said in the statement, recalling that energy prices have been on the rise since 2021 globally, describing the situation in the European and world markets as a "perfect storm."

"The high energy prices that emerged in global markets have been fully passed on to local consumers. However, it became inevitable to increase the natural gas prices as of June 1," BOTAŞ said, adding that the latest hikes in gas prices were designed in a way to minimize the impact on consumers.

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