Oil Prices Exceed 90 Dollars Again and Their Reflections on the Domestic Market
As tensions between the US and Iran push oil back above the 90 dollar level, fuel prices and potential SCT increases in the domestic market are drawing attention.
Following US strikes on Iranian targets, global oil prices surged rapidly to exceed 90 dollars. In the wake of these developments, potential reflections on domestic fuel prices and taxes set to take effect in September are being closely monitored.
Latest Situation in Oil Prices
After closing last week with a decline, the barrel price of Brent crude tested the 90 dollar mark again on the first trading day of the week. As of morning hours, the barrel price was trading at 90.20 dollars, with daily gains exceeding two percent.
US-Iran Tension
The US strike on two Iranian targets on Larak Island on Sunday escalated supply concerns in the markets. It was announced that this attack took place because the Islamic Revolutionary Guard Corps was preparing to launch sea-mined rockets into the Strait of Hormuz.
August Fuel Prices
Following fluctuations in oil prices, domestic fuel prices have also taken shape. In August, the price per liter of gasoline experienced an increase of 10.75 percent, rising to 74.35 Turkish Liras on the European side of Istanbul.
Diesel and SCT Developments
The price per liter of diesel fell by 4.3 percent to 77.46 Turkish Liras due to the zeroing of the Special Consumption Tax (SCT) this month. Industry representatives state that if oil sustains levels above 90 dollars, new increases at the pump prices may be seen.
September Expectations
Industry representatives also remind that a 3 Turkish Lira per liter SCT on diesel will be reinstated during September. The high course of the global product margin moves the impact of oil increases on the domestic market to a different dimension.