Türkiye cuts gasoline prices, battling 25% yearly fuel increase

In response to the ongoing fluctuations in exchange rates, crude oil prices, and recent tax hikes, Türkiye has announced a reduction in gasoline prices. However, despite this latest decrease, fuel prices have seen significant increases since the beginning of the year.

Gasoline price update in Türkiye

• New Price Effective Aug. 23: Gasoline prices will be reduced by ₺1.42 per liter, bringing the price down to ₺43.24.
• Motorin Prices unchanged: The price for motorin remains steady at ₺43.94 per liter.

City

Gasoline (₺)

Motorin (₺)

LPG (Oto Gas) (₺)

Istanbul (European side)

43.24

43.94

23.23

Istanbul (Asian side)

43.13

43.87

22.69

Ankara

43.55

44.35

23.24

Izmir

44.05

44.87

22.99

Current fuel prices across major cities in Türkiye

Year-to-date increase

• Gasoline: Despite the recent price drop, gasoline prices have surged by 25% since the start of the year.
• Motorin: Motorin prices have also increased by 18.3% over the same period.

How fuel prices calculated?

Fuel prices in Türkiye are determined by a combination of factors:

• Mediterranean market pricing: Refineries base prices on the average cost of processed products in the Mediterranean market, including Türkiye.
• Exchange rate impact: Fluctuations in the U.S. dollar exchange rate also play a significant role in setting fuel prices.
• Taxation: The final price includes additional costs such as Special Consumption Tax (OTV) and Energy Market Regulatory Authority (EPDK) shares, which are added to the refinery price before VAT is applied.
• Variability in pricing: Due to competition and market freedom, the prices applied by distribution companies can vary slightly between different companies and regions within Türkiye.

August 23, 2024 11:14 AM GMT+03:00