Economy in Turkey: Diesel price exceeds 40 Turkish Liras with 2.30 TL increase

As of midnight on September 13th (today), a price hike of 2 Turkish Liras and 30 kuruş is expected for diesel fuel. With this increase, the price per liter of diesel is expected to exceed 40 Turkish Liras.

According to NTV’s report, after the price hike, the new price will be approximately 40.03 Turkish Liras in Istanbul, 40.57 Turkish Liras in Ankara, and 40.74 Turkish Liras in Izmir. Some sources also suggest that there is an expected increase of 1 Turkish Lira and 50 kuruş in the price of gasoline. The current price of gasoline is 36.75 Turkish Liras.

CONSECUTIVE PRICE HIKES

On July 16th, a Presidential decree published in the Official Gazette had resulted in a 5 Turkish Lira increase in Special Consumption Tax (ÖTV) on petroleum products, leading to a total price increase of 6 Turkish Liras per liter when including Value Added Tax (KDV).

Since the elections, there has been an increase of over 80% in fuel prices. Prior to the elections, gasoline prices were at 19.81 Turkish Liras, and diesel fuel prices were at 18.59 Turkish Liras. At the beginning of the year, gasoline was being sold at 19.48 Turkish Liras, while diesel fuel was priced at 22.06 Turkish Liras.