BOTAŞ announced that as of August, the wholesale price of natural gas for residential use has been increased by 38% and the wholesale price of natural gas used by eligible consumers with an annual natural gas consumption of 300 thousand cubic meters or less, excluding electricity generation, has been increased by 33.1%.
There is no economic justification for a 38% increase in natural gas prices at a time when the value of the TL is stable and there is no movement in natural gas prices. However, it is certain to add nearly half a percentage point to inflation. The electricity hike, which was put into effect at the beginning of July, was announced to contribute about 1.5 points to July CPI inflation.
In the statement made by BOTAŞ, it was stated that the Organization’s natural gas wholesale prices are determined and offered to consumers at the most reasonable level possible, taking into account market conditions, market price stability, the decisions of the Energy Market Regulatory Authority regarding the tariff and the change in purchasing and operating expenses, which are cost elements.
“In this context, effective as of August 01, 2024, MKK increased the wholesale price of natural gas used by eligible consumers with annual natural gas consumption of 300,000 Sm3 or less, excluding electricity generation, by 33.1% and the wholesale price of natural gas used in residential buildings by 38.0%,” the statement said.
However, no change was made in the wholesale price of natural gas used for electricity generation and the wholesale price of natural gas used by eligible consumers with annual natural gas consumption of 300,001 Sm3 or more, excluding electricity generation.