Double-digit hike in diesel: The largest fuel price increase in the history of the Republic is coming
Following the attacks by the US and Israel on Iran, the sharp rise in global oil prices is being reflected in Turkey's fuel pumps as a record-breaking hike. Starting from midnight tonight, an increase of 12.45 TL for diesel and 3.68 TL for gasoline is expected; the price per liter of diesel will exceed 72 liras.
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Oil prices, which have risen due to the impact of increasing geopolitical risks in international markets, are set to be reflected in domestic pump prices as a sharp increase. According to information provided by Ekonomim from industry sources, the price hike will be effective starting from 00:01 on Thursday, March 5.
DOUBLE-DIGIT HIKE IN DIESEL
The largest increase is expected in the diesel group. The 12 lira and 45 kuruş hike per liter will lead to a serious jump in transportation and logistics costs in particular. For gasoline, an increase of 3 lira and 68 kuruş is projected.
With this increase, the price of diesel will exceed the 70 lira level for the first time in its history, crossing a new threshold.
OIL PRICES ROSE WITH THE WAR
Following the attacks by the US and Israel on Iran, there were sharp upward movements in Brent oil prices. This fluctuation in global energy markets was expected to be reflected in fuel prices in Turkey.
Previously, an increase of 6 lira and 70 kuruş for diesel had been on the agenda, but that hike was not implemented. Additionally, there had been assessments that the government might re-implement the "Escalating Mobile" (Eşel Mobil) system, which was last put into effect approximately 5 years ago. However, with the latest developments, the expectation for a high-rate hike has gained strength.
THE LARGEST PRICE HIKE IN THE HISTORY OF THE REPUBLIC
According to the report in Birgün, the price of diesel per liter, which is currently at an average of 60.40 TL on the European side of Istanbul, is expected to rise to 72.85 TL after the hike. It is stated that the price in Ankara will rise to 73.95 TL, and in the provinces of Eastern Anatolia, it will exceed 75 liras. For example, the price per liter in Hakkari is projected to reach the 75.68 TL level.
If it occurs, this increase will be recorded as one of the largest fuel price hikes in the history of the Republic.
CURRENT FUEL PRICES
Istanbul European Side
- Gasoline: 58.40 liras
- Diesel: 60.40 liras
- LPG: 30.29 liras
Istanbul Anatolian Side
- Gasoline: 58.24 liras
- Diesel: 60.24 liras
- LPG: 29.69 liras
Ankara
- Gasoline: 59.34 liras
- Diesel: 61.50 liras
- LPG: 30.17 liras
Izmir
- Gasoline: 59.62 liras
- Diesel: 61.77 liras
- LPG: 30.09 liras