Oil prices fall, price cuts coming for diesel and gasoline

Oil prices, which had risen sharply following the closure of the Strait of Hormuz after attacks by the US and Israel on Iran, have begun to decline in recent days. This drop in global markets is expected to be reflected in fuel prices as a reduction.

The rise in oil prices following the war had also pushed up fuel prices in Turkey. A significant portion of the price hikes was covered by the Special Consumption Tax (ÖTV) under the Sliding Scale System, limiting the impact at the pump. Despite this, successive price increases had created serious cost pressure on vehicle owners, the logistics sector, and agricultural producers.

RECENT HIKES HAD BEEN REFLECTED AT THE PUMP

Most recently, the price of gasoline was increased by 80 kuruş per liter as of midnight last night. Prior to that, there had been an increase of 53 kuruş for diesel and 39 kuruş for gasoline.

PRICE CUTS EXPECTED TONIGHT

Following the retreat in oil prices, a reduction in fuel prices is expected to take effect as of midnight tonight.

According to information provided by journalist Olcay Aydilek, a decrease of 4.58 TL in the liter price of diesel and 3 TL for gasoline is being calculated. However, the majority of this reduction will be offset by the Special Consumption Tax (ÖTV) under the Sliding Scale System.

Therefore, the net reduction expected to be reflected at the pump will be approximately 1.15 TL for diesel and 75 kuruş for gasoline.

News Source: 12punto