SULAIMANI (ESTA) — Turkey sharply increased electricity and gas prices for households and companies on Saturday, according to authorities.
Turkey’s Energy Market Regulatory Authority said electricity prices were raised around 50 percent for lower-demand households for 2022, Reuters reported.
The prices were increased by more than 100% for high-demand commercial users, it added.
Natural gas prices also jumped 25% for residential use and 50% for industrial use in January, Reuters cited national distributor BOTAS as saying.
Turkey’s annual inflation jumped above 21% in November and is seen surpassing 30% in December, after a currency crash in recent months brought on by a series of unorthodox interest rate cuts.
The lira shed 44% of its value against the dollar last year after a plunge since September, when the central bank, under pressure from President Recep Tayyip Erdogan, began a series of rate cuts.
Other adjustments included a 20% jump in mandatory vehicle insurance costs for those with the highest deductible.
Petrol prices rose by more than half a lira per liter, while diesel prices increased by 1.29 liras, the Energy, Petroleum, Gas Stations Employers Union (EPGIS) said on Friday.
