Germany will introduce an additional tax on gas consumption from October. Trading Hub Europe, the umbrella organization responsible for the German gas market, announced this on Monday.

The levy would amount to 500 euros per year for a standard family of four.

The 2.4 cents per kilowatt hour levy should help gas importers as they face higher costs since Russia gradually shuts off the gas tap.

Germany only receives 20 percent of the maximum amount of gas via the Nord Stream 1 gas pipeline.