Developments in the Global Oil Market and Expected Price Hike on Gasoline
With the rise in oil prices, new activity is being seen on fuel price boards. Following increases in global markets, gasoline prices are expected to be hiked.
The upward trend in global oil markets and concerns over supply disruptions are directly impacting fuel prices. As Brent and WTI benchmarks prepare to finish the week at high levels, a price hike of 2.95 TL on gasoline is expected as of midnight on September 12.
Upward Trend in Global Oil Prices
Oil prices continued their rise on Friday, paving the way for Brent and WTI benchmarks to finish the week above 100 dollars per barrel.
Brent crude reached 108.68 dollars with a 1 percent increase, while U.S. crude WTI reached 103.45 dollars with a 1 percent rise.
Key Factors Behind Price Increases
Both oil benchmarks had experienced significant value gains of over 6 percent on Thursday.
Attacks on critical maritime shipping routes in the Middle East and concerns over supply disruptions are triggering prices upward.
Expected New Price Hike on Gasoline
These developments in international markets and cost increases continue to reflect on domestic fuel price boards.
In line with these developments, a price hike of 2.95 TL on gasoline is expected as of midnight on September 12.
Current Fuel Prices
According to current fuel data valid for September 11, different product groups are traded on the European Side of Istanbul.
Accordingly, on the European Side of Istanbul, gasoline is sold at 76.92 TL, diesel at 88.89 TL, and LPG at 34.99 TL.