Natural Gas Price hike- a new tension for Turkish Textile Industry

turkish-textilkeTurkey’s textile manufacturing industry may suffer as a result of the government raising  the price of natural gas provided to industry and power plants by 48% and 47%, respectively, in response to a worldwide price increase that pushed up import costs. The state-controlled BOTAS Petroleum Pipeline Corporation said that consumer gas prices will stay unchanged.

According to a Turkish daily source, inflation may surge as a result of the decision, which reached 19.58 percent in September, the highest level since March 2019. Natural gas prices have risen by roughly 280 percent in Europe and more than 100 percent in the United States this year, driving up winter fuel costs.

BOTAS, on the other hand, stated in a statement that the high prices witnessed throughout the world were not mirrored in Turkey in the same proportion. “All subscriber groups have been secured to the fullest extent possible,” the business stated.

Turkey, one of Europe’s top gas importers, relies on pipeline gas from Russia, Azerbaijan, and Iran, as well as LNG supplies from Nigeria, Algeria, and spot markets.