Economy writer warns: “New hikes in fuel prices will come”

Economist Alaattin Aktas assessed the effects that await Turkey regarding the Russian-Ukrainian tension. The economist said “It seems that with the increase in crude oil prices on the one hand and the increase in the exchange rate on the other, new hikes in fuel prices will come.”

The writer went on to make evaluations in his article titled “Tourism, oil, foreign exchange, current account balance… Blow after blow” regarding the Russian-Ukrainian tension.

He wrote, “Putin has turned all our plans upside down…” referring to the possible economic effects of the tension on Turkey.

He stated that there had been no hike in gasoline and diesel since February 10 and said, “You know, water is left in the dams from time to time so that there are no floods… You know, the balloon doesn’t inflate too much so it doesn’t explode… It seems as if the increase in currency rate had to be allowed a little yesterday so that the currency would not explode. This situation may continue in the coming days. So, it seems the increase in crude oil prices on the one hand and the increase in the exchange rate on the other hand, new hikes in fuel prices will come.”

UKRAINE AND RUSSIA ACCOUNT FOR 27 PERCENT

The writer also referred to the impact of the tension on tourism, noting that 27 percent of the tourists coming to Turkey are Ukrainian and Russian citizens.

Regarding the statements that the target of 25 billion dollars in tourism might increase to 35-40 billion, in 2022 the writer said “If the problem between the two countries grows to the extent of preventing their foreign travel, we may have to settle for 25 billion yesterday.”