Turkey: 10 pct natl gas price cut set to start in Oct.

ANKARA (AA) - Domestic and industrial consumers in Turkey will get a 10 percent break on natural gas prices as of Oct. 1, Berat Albayrak, Turkish energy and natural resources minister, announced Thursday.

Speaking during his visit to the Turkish Energy Regulatory Market (EPDK), Albayrak said that a 10 percent reduction will be applied as of October before winter, as promised.

In 2012, Turkey sued Iran in the International Court of Arbitration for overpricing on gas purchases during the four-year period of 2011-2015.

The court decided in favor of Turkey in February 2016 and ordered that both parties agree on a 10-15 percent reduction in the price of Iranian gas exports to Turkey.

Turkey imports 10 billion cubic meters of natural gas from Iran annually.

"This discount will add to the income of households and reduce costs in the sector. Additionally, it will allow for more competition," said Albayrak.

He added that the government does not foresee an electricity price hike.

"On the contrary, we see a possibility of a fall in electricity prices in the coming period," he concluded.