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Gasoline prices in Türkiye are set to drop by ₺4.80 ($0.096) per liter from midnight Nov. 6, Turkish media reported, as global oil prices fell sharply following the U.S. midterm elections amid hopes of easing tensions in the Middle East.
The expected reduction would fully reverse the ₺4.10 increase introduced on Nov. 1. Gasoline currently sells for ₺80.50 per liter on Istanbul's European side. Following the expected cut, the price would fall to ₺75.70.
If the reduction goes ahead, the cost of filling a 50-liter fuel tank will fall by ₺240 to ₺3,785, based on the revised price. No confirmed price adjustment has been announced for diesel fuel.
Global oil prices extended their decline for a fourth consecutive session on Nov. 5, as investors bet that Republican losses in the U.S. midterm elections could push President Donald Trump toward a diplomatic solution to the war with Iran.
Brent crude futures fell below $94 per barrel, trading at $93.65 as of 02:11 a.m. GMT, down 97 cents, or 1.03%. U.S. West Texas Intermediate (WTI) crude futures also retreated by $1.14, or 1.29%, to $86.98. Both benchmarks had plunged more than 8% in the previous session, settling at their lowest levels since Aug. 31.
The election results have raised expectations that a Democratic-controlled Congress could limit Trump's military options and increase pressure on his administration to negotiate an end to the U.S.-Israeli war with Iran.
A diplomatic breakthrough could ease disruptions to energy shipments from the Middle East and bring more crude supplies back to global markets after months of disruptions in the Strait of Hormuz severely hampered oil exports from the Gulf region.
Fuel prices in Türkiye are shaped by international refined-oil prices, the dollar-lira exchange rate, taxes and distribution costs rather than crude oil prices alone.
After oil prices surged following the outbreak of the Iran war, the government introduced a sliding-scale fuel tax mechanism to cushion consumers against sharp increases in international oil prices and exchange-rate fluctuations.
However, after gradually scaling back the system, the government ended it entirely on Oct. 1 and introduced a phased restoration of fuel taxes to avoid passing the full increase on to consumers at once.
Under the schedule, the SCT on gasoline stands at ₺11.36 per liter in November, up from ₺7.90 in October, and is set to rise further to ₺14.8277 in December.
The phased increase means consumers will face a higher tax burden from December, potentially offsetting part of any relief from lower international oil prices.
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