The increase in energy commodities will likely hike Turkey's energy bill given the country's heavy dependency on imports, for now, Energy and Natural Resources Minister Fatih Donmez said, as he shared that the country's import bill will reach $55 billion (TL 620.9 billion) this year – a jump from the 10-year average of around $45 billion, SİA reports citing Daily Sabah.
Speaking during a meeting with the local press, Donmez said that energy commodities are rising, and Turkey hopes to replace high-priced natural gas with its own resources discovered in the Black Sea.
Last year, oil fell to $40 per barrel in the free market, the minister said, also pointing out that the natural gas fell to $125-$130 per thousand cubic meter, and coal prices decreased to $40 per ton amid the effects of the pandemic.
Regarding this year, however, Donmez said: “Oil went up to $80. Natural gas increased much more, reaching $1,200-$1,300,” adding that it even briefly touched the level of $1,500 on some days.
“It increased almost eight to tenfold,” Donmez said, adding that the price of coal increased to $240-$250 in September, later easing down to its current $140-$150 level.
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