July fuel price hike: Current figures in Istanbul, Ankara, and Izmir

The fuel sector is facing a new price hike. Due to the impact of economic indicators and tax increases, price hikes of 2.10 TL, 1.97 TL, and 1.61 TL are expected for gasoline, diesel, and LPG, respectively, according to calculations.

The impact of fluctuations in exchange rates and Brent crude oil prices, combined with the forecast that the 6-month Domestic Producer Price Index (D-PPI) will reach 14.61 percent, is automatically reflected in fuel prices.

Citizens will see the new prices on signs as of this morning.

The new fuel prices in major cities are as follows:

• In Istanbul:
• Gasoline: 48.93 TL (European side), 48.79 TL (Anatolian side)
• Diesel: 50.24 TL (European side), 50.13 TL (Anatolian side)

• LPG: 25.09 TL (European side), 24.49 TL (Anatolian side)

• In Ankara:

• Gasoline: 49.61 TL
• Diesel: 51.10 TL

• LPG: 24.99 TL

• In Izmir:

• Gasoline: 49.93 TL
• Diesel: 51.43 TL
• LPG: 24.94 TL

THE PROCESS OF DETERMINING FUEL PRICES

Several key factors play a role in the formation of fuel prices in Turkey. At the forefront of these are international oil prices and exchange rates. Since Turkey's energy market is largely dependent on imports, every price movement that occurs globally is felt directly within the country.

In addition, changes made by the government to the Special Consumption Tax (SCT) rates are also one of the main factors affecting pump prices. Costs related to refinery and distribution processes, as well as market competition, also shape the prices.

While the rise in the dollar exchange rate increases the cost of imported oil in Turkish Lira, global geopolitical developments and changes in demand are also frequently reflected to consumers as price hikes or discounts. With this latest hike, a new period has begun for the prices of gasoline, diesel, and LPG, which have become basic necessities.

News Source: 12punto