Expected Date and Rate of Discount on Diesel Prices
In line with developments in the oil markets, a significant decrease in the liter price of diesel is anticipated starting from midnight on September 19.
Developments in global markets continue to be reflected on fuel boards. Following the drop in oil prices, a discount of 4.06 TL on diesel prices is expected starting from midnight on September 19.
Global Oil Markets and Prices
Oil prices fell by about 1 percent on Friday, extending their decline to a third session, with Brent crude dropping to $103.77 and WTI to $100.88.
Supply Concerns and Regional Developments
While expectations that oil shipments from the Middle East could continue via alternative routes limited supply concerns, Saudi Arabia halting shipments in Yanbu and pipeline damage increased risks.
The Riyadh administration aims to restart approximately half of the pipeline capacity within a few days, while planning to send more oil to Asia via alternative routes.
International Political and Economic Dimension
While Iran's announcement that an oil tanker was hit in the Strait of Hormuz increased uncertainty, JPMorgan stated that it has become difficult to foresee a clear baseline scenario in oil markets.
Recent Price Changes
As of midnight on September 15, a price hike of 6.62 TL was applied to diesel, followed by another hike of 4.68 TL on diesel as of midnight on September 17.
Current Fuel Prices on September 18
In Istanbul's European Side, gasoline is sold at 80.26 TL, diesel at 100.40 TL, and LPG at 34.99 TL, while on the Asian Side, gasoline is at 80.12 TL, diesel at 100.20 TL, and LPG at 34.39 TL.
In Ankara, a liter of gasoline is 81.25 TL, a liter of diesel is 101.50 TL, and LPG is 35.09 TL; while in Izmir, gasoline is recorded at 81.52 TL, diesel at 101.80 TL, and LPG at 34.99 TL.
Method of Calculating Fuel Prices
Fuel prices in Turkey are calculated by refineries based on processed product prices in the Mediterranean market and foreign exchange rate fluctuations.
With the addition of distribution companies' costs and competitive conditions, final pump prices may show minor differences according to provinces and companies.