SCT hike on gasoline and diesel is on the way

Another major price hike is coming to fuel prices at the beginning of July.

With a Presidential Decree on July 16, 2023, the fixed special consumption tax (SCT) amounts on fuel were increased by 5 TL each, and it was regulated that these amounts would be increased every 6 months at the rate of the producer price index (PPI) increase.

APPROXIMATELY 2.5 TL HIKE

According to the report in Sözcü, the PPI increase in the January-May period of 2024 was 17.87 percent. With the June PPI data to be announced by TUIK on July 3, the rate of the fixed SCT increase on fuel will also be determined.

In the first five months of 2024, the PPI increased by an average of 3.35 percent per month. If the increase continues at this average in June, the 6-month PPI increase rate will be 21.82 percent.

If the PPI increases at this rate, the fixed SCT amount will increase by 2.06 TL for gasoline and 1.93 TL for diesel. When the VAT, which was increased to 20 percent with a 2-point increase last year, is added to this, the tax increase will be 2.47 TL for gasoline and 2.32 TL for diesel. 

Currently, the fixed SCT amounts are at the level of 9.45 TL per liter of gasoline and 8.86 TL per liter of diesel.

CURRENT FUEL PRICES

As of today, the liter price of gasoline is approximately 40.30 TL in Istanbul, 41.28 TL in Ankara, and 41.54 TL in Izmir.

The liter price of diesel is approximately 40.67 TL in Istanbul, 41.68 TL in Ankara, and 42.07 TL in Izmir.

The rate of increase over the last year has been 67 percent for gasoline and 83 percent for diesel.

Prices vary between provinces, districts, and fuel stations.

News Source: 12punto