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    Turkey’s textile manufacturing sector may feel the impact of higher gas prices

    Turkey’s textile manufacturing industry could be affected as rising global prices pushed up import bills and the government recently raised prices of natural gas supplied to industry and power plants by 48% and 47%, respectively. there is. Consumer gas prices will remain the same, the state-owned BOTAS Petroleum Pipeline Corporation has announced.

    Inflation rose to 19.58% in September, the highest since March 2019, according to Turkish newspaper reports, but the decision could raise it.

    Natural gas prices have risen about 280% in Europe this year and more than 100% in the United States, pushing up fuel costs in winter.

    Turkey’s textile manufacturing industry could be affected as rising global prices pushed up import bills and the government recently raised prices of natural gas supplied to industry and power plants by 48% and 47%, respectively. there is. State-owned BOTAŞ Petroleum Pipeline Corporation has announced that consumer gas prices will remain unchanged.

    However, BOTAS said in a statement that the highs seen worldwide are not reflected in the same proportions in Turkey. “All subscriber groups are maximally protected,” the company said.

    Turkey, one of Europe’s largest gas importers, relies on imports of pipeline gas from Russia, Azerbaijan and Iran, and liquefied natural gas (LNG) from Nigeria, Algeria and the spot market.

    According to new figures, the country’s Purchasing Managers Index (PMI) for manufacturing was 52.5 in September to 51.2 in October. The Istanbul Chamber of Commerce and data firm IHS Markit report that the decline is a sign of supply chain problems, a recent slowdown in manufacturing due to limited demand and production.

    Fiber2Fashion News Desk (DS)

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    Turkey’s textile manufacturing sector may feel the impact of higher gas prices

    Source link Turkey’s textile manufacturing sector may feel the impact of higher gas prices

    The post Turkey’s textile manufacturing sector may feel the impact of higher gas prices appeared first on Eminetra.

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