Sharp Increase in Fuel Prices Following Geopolitical Developments
Fuel price boards have been updated for both gasoline and diesel groups following developments in international markets and the rise in oil prices.
Price hikes have been implemented on gasoline and diesel prices due to geopolitical tensions in global markets and fluctuations in crude oil prices. Fuel tariffs were updated with the increase reflecting at the pumps at midnight.
Global Supply Concerns
The re-escalation of tension between the US and Iran, along with Ukraine's attacks on oil refineries in Russia, directly triggered supply concerns in global markets. These developments caused oil prices to remain high.
Applied Price Increases
As a result of the negative reflections in the oil markets, price hikes were applied to the litre prices of fuel products. A price increase of 7.72 TL was implemented on a litre of diesel, and 2.48 TL on a litre of gasoline.
Current Prices in Major Cities
Following the price hikes reflected on the boards as of midnight, retail fuel prices were redetermined in three major cities, with the price of diesel in Istanbul approaching the 90 lira threshold.
As a result of the recent hikes, the litre price of diesel reached the 90 lira band in Ankara and Izmir as well.
Pricing Calculation Method
While determining gasoline and diesel prices across Turkey, the refinery sales price excluding VAT is calculated by adding the Special Consumption Tax and the Energy Market Regulatory Authority share to the duty-free refinery price.