Spain Slashes Gas Price Hikes Amid Global Energy Crisis

Spain's government is taking steps to shield consumers from rising natural gas prices. The country plans to limit price increases for households and businesses, which would otherwise surge by more than 45% next month due to the ongoing Middle East war and Russia's invasion of Ukraine.

The Spanish Ecological Transition Minister, Sara Aagesen, said that if no limits were put in place, gas prices would rise sharply. To mitigate this, the government will cap price hikes at 15% and set a maximum price for butane tanks at €19.55 ($22).

This move is part of the government's efforts to control inflation, which has soared to 4.9% in September from last year.