Energy Minister Bayraktar: We Will Continue Support Program for Natural Gas

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Increasing Global Natural Gas Prices and Strategic Responses

In recent statements, Energy Minister Alparslan Bayraktar highlighted the ongoing rise in natural gas prices on the international stage. He emphasized that the Turkish government has been actively implementing a comprehensive support program over the past few years to mitigate the impact of volatile market prices on domestic consumers. Minister Bayraktar reaffirmed the government’s commitment to continue these supportive measures to ensure stability and affordability in energy consumption.

Furthermore, the Minister pointed out that the pricing of fuel products in Turkey is governed by an automatic pricing mechanism, which closely follows global market fluctuations. He explained, “As global crude oil prices fluctuate, we observe corresponding changes in fuel prices within our country. When exchange rates also move, these factors collectively influence the final retail prices. Therefore, recent increases in crude oil and natural gas are naturally reflected in our domestic market, sometimes almost instantaneously.”

Implications of Rising Energy Costs

Minister Bayraktar noted that the current price increases are reaching levels that significantly affect economies worldwide. He suggested that a parallel upward trend in natural gas prices might occur globally, especially during periods of increased demand. Despite this, he expressed optimism about the summer season, noting that natural gas consumption typically diminishes during this period. He hopes this trend will be short-lived, and prices will stabilize as normal consumption patterns resume.

Ensuring Supply Security

Addressing concerns about energy security, the Minister assured that Turkey’s natural gas supply remains secure and uninterrupted. He highlighted the country’s diversified import infrastructure, which allows for alternative sources to compensate for any supply disruptions. This strategic infrastructure ensures that Turkey can maintain a stable energy supply regardless of international market fluctuations.

Market Dynamics and Price Adjustments

Reiterating the automatic nature of fuel pricing, Minister Bayraktar explained, “The adjustment process is driven by two main variables: the global crude oil prices and exchange rate movements. When crude oil prices increase, this is automatically reflected in retail fuel prices, unless offset by exchange rate fluctuations or government interventions.” He added that these mechanisms are designed to ensure transparency and responsiveness to market conditions, helping consumers and businesses adapt to changing economic realities.

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