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Fuel prices in Türkiye are set to climb again on Tuesday, March 24, with diesel expected to see a sharper increase than gasoline as its tax buffer has been exhausted.
The adjustment follows a sharp rise in oil prices this week as supply disruptions in the Strait of Hormuz persist, with the international benchmark Brent crude closing at around $112 per barrel on Friday.
Industry sources indicate that diesel prices are expected to rise by approximately ₺6.60 late Monday night into Tuesday, Türkiye daily reported. This follows an earlier increase of ₺5.18 per liter on March 20, which had already pushed diesel prices above ₺70 per liter.
Earlier in March, Türkiye reintroduced the fuel tax escalator to cushion consumers against global price swings by adjusting fuel taxes.
Under this system, 75% of price increases are absorbed through reduced taxes, while 25% is reflected at the pump. Gasoline still has a remaining tax buffer, limiting its expected increase to around ₺1.50 per liter.
After the latest adjustment, diesel is projected to reach around ₺77.7 per liter in Istanbul, while gasoline is expected to rise to approximately ₺63.5 per liter.
Fuel prices in Türkiye are set under a mechanism that reflects global oil markets and the exchange rate, with taxes and margins added on top to form the final pump price.
Despite the escalator system, fuel prices have risen significantly since the Iran war began on Feb. 28, with Istanbul diesel up about 18% and gasoline increasing by over 8% as of Saturday.
While surging fuel costs are driving inflationary pressures across sectors, the escalator system is also cutting into government tax revenues by reducing SCT collections.
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