The price of electricity has been increased by 15 percent in Turkey by the Energy Market Supervisory Board (EMRA), a second price hike this year.
The new increase will take effect on the 1st of July. This is the second increase since the 31 March local elections.
On the 2nd of April, a whopping 37 percent increase was announced by the EMRA.
A Cumhuriyet news report said the EMRA decided to reflect the accumulated costs of public and private sector generation companies to the consumers as electricity prices in housing, commercial and industry increases average 14.98 percent.
The Petroleum Pipeline Corporation (BOTAS) is expected to announce a double-digit increase for natural gas, Cumhuriyet mentioned. The prices of sugar and tea also went up by 15 to 16 percent since the Istanbul election.
According to the statement made by Turkish Sugar Refineries Corporation (Turkseker), the ex-factory price of crystal sugar rose to 3.57 Lira, with 16 percent price hike.
Turkey’s state-owned tea producing company CAYKUR also increased tea price by 15 percent due to rising costs in the price of dry tea.
At the end of last year, Turkey went into recession in a depressed economic climate, while the Turkish Statistical Institute announced inflation reached a double-digit number.
Worsening the current economic hardships has been political tensions between
Washington and Ankara, which have had a devastating impact. The U.S is
opposed to Turkey, a NATO member, purchasing the Russian S-400 defense
The Turkish economy is still battling to recover from a currency crisis last August that saw the Lira fall to a record low of 7.2 against the dollar.
Turkey’s main opposition party, the Republican People’s Party (CHP), made claims that Istanbul’s re-run election on 23 June cost Turkey 206 billion Lira (over 34 billion US dollars).