Turkey sharply increases natural gas prices for industrial users, households

Turkish state-owned energy importer BOTAS said late on Thursday that natural gas prices for industrial facilities has been raised by 50% and for households by 35%. BOTAS' purchases of foreign currencies from the central bank have hit record highs in recent months due to soaring energy prices.

Turkish state-owned energy importer BOTAS said late on Thursday that natural gas prices for industrial facilities have been raised by 50% and for households by 35%. BOTAS also said natural gas prices for electricity production were raised by 44.3% as of April 1.

Turkey imports almost all of its energy needs, leaving it vulnerable to big price swings. Its energy costs started rising in September and surged 212% year-on-year in the first two months of 2022 to $16.8 billion, government data showed. BOTAS' purchases of foreign currencies from the central bank have hit record highs in recent months due to soaring energy prices.