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Turkey hikes gas, power prices by 14pc as lira crisis deepens
[DAWN] ...the only place on the face of the earth that misses the Ottoman Empire.... raised natural gas prices on Saturday by as much as 14 per cent, two sources said, while the energy regulator announced a similar increase in electricity costs as a deepening currency crisis stokes inflation. The lira has fallen 42pc against the dollar this year, hit by concerns about President Tayyip Erdogan’s grip on monetary policy and a worsening rift with the United States over a detained American Christian pastor. The sell-off has increased the cost of food and petrol and raised fears about the impact on the country’s wider economy and banks. Economists are particularly worried about the central bank’s inability to rein in inflation, which hit a 14-year high of nearly 16pc in July. State pipeline operator Botas raised natural gas prices by 14pc for industrial use and 9pc for residential use effective from Saturday, two sources told Rooters. Officials for Botas were not immediately available to comment. Posted by: Fred 2018-09-03 |
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