Natural gas prices fall in the EU while hitting record highs in Turkey: Annual increase reaches 94.7 percent
While natural gas prices across the EU have recorded an average decrease of 0.4% over the past year, Turkey has seen a 94.7% increase in residential and industrial natural gas prices.
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As balances shift in global energy markets, natural gas prices are declining across the European Union (EU). However, Turkey has completely diverged from this trend across Europe, reaching the top with an extraordinary price increase recorded on an annual basis.
According to a recent study compiled by economist İnan Mutlu using Eurostat data, natural gas prices across the EU recorded an average decrease of 0.4 percent over the past year. In contrast, the annual increase in residential and industrial natural gas prices in Turkey reached a record level of 94.7 percent.
''PRICES ARE FALLING IN EUROPE, TURKEY STANDS ALONE AT THE TOP''
The released data reveals how wide the gap has become between Turkey and other European countries that are its closest followers in natural gas price hikes. Following Turkey, the countries with the highest annual price increases were Greece with 19.3 percent, Kosovo with 16.1 percent, and Belgium with 11.4 percent. In countries such as Croatia (7.4%), Sweden (6.9%), and Slovakia (6.7%), increases remained in the single digits.
Conversely, while Ireland (0.1%) maintained price stability, there was no change in natural gas prices in Serbia and Georgia over the past year (0.0%).
''NATURAL GAS IS GETTING CHEAPER IN INDUSTRIAL GIANTS''
One of the most striking elements in the chart is the decline in natural gas costs in Europe's leading economies. While prices fell by 2.7 percent in Portugal, there was a 3.0 percent decrease in Germany, the region's largest industrial producer, a 3.7 percent decrease in the Netherlands, and a 3.9 percent decrease in France.
The countries where natural gas prices have become the cheapest across Europe are listed as follows:
•Poland: -11.4%
•Luxembourg: -10.6%
•Spain: -9.6%
•Bulgaria: -7.7%
''STRUCTURAL DIVERGENCE IS DEEPENING''
Experts state that prices in the EU have stabilized or even declined thanks to the diversification of energy lines and the maximization of storage capacities following the pandemic and supply crises.
It is emphasized that the record 94.7 percent increase in Turkey is driven by exchange rate pressure, rising import costs, and tax burdens on energy. This situation continues to create serious cost pressure both on household budgets and on the international competitiveness of Turkish industry.
(The text was written within the framework of charts and analyses prepared by economist İnan Mutlu based on Eurostat data.)