Huge fuel price hike coming! 'It will exceed 4 liras'

As of midnight tonight, due to volatility in exchange rates and oil prices, there will be a price increase of 1 lira 63 kuruş on diesel and 1 lira 64 kuruş on gasoline.

Tax expert Ozan Bingöl announced that the hike in fuel, alcohol, and tobacco products coming on July 3 will be at least 17.87 percent. According to Bingöl, when the price hikes effective as of midnight tonight are also taken into account, there will be an increase exceeding 4 liras in fuel prices on July 3.

"THERE WILL BE AN INCREASE EXCEEDING 4 LIRAS"

Tax expert Ozan Bingöl stated the following in a post on his social media account regarding the matter:

"On July 3, that is, 13 days from now, the SCT (Special Consumption Tax) amounts on fuel, alcohol, and tobacco products will automatically increase by at least 17.87 percent, even if the June PPI comes in at zero. Including VAT, the increase amount will be between 2 and 2.5 liras. Together with tonight's hike, for example, there will be a total increase exceeding 4 liras reflected at the pump for gasoline in 13 days."

These developments indicate that fuel prices will show a significant rise in the coming days. In addition to fluctuations in exchange rates and oil prices, it appears that consumers' fuel costs will increase due to the impact of tax hikes.

News Source: 12punto