French Household Gas Prices Set to Rise Again Amid Ongoing Conflict
France's household gas prices are set to rise again in September, putting pressure on family budgets. The benchmark price for gas will increase by 5.6 percent, affecting around six million households and about 60 percent of residential gas customers.
The regulator attributes the hike to rising gas prices on the markets, driven by the ongoing conflict in the Middle East. In February, Iran blocked the Strait of Hormuz, a strategic waterway through which nearly 20 percent of the world's oil and 20 percent of global liquefied natural gas exports pass.
The Dutch TTF index, the benchmark for European natural gas, has surged 93 percent since the war began in late February. The regulator insists that this increase is entirely due to rising gas prices on the markets.