Gasoline prices in Turkey increased by 113 percent in one year as compared to 1.5 percent in Europe

Fuel price increases have reached remarkable levels in Turkey. High tax rates and other factors have contributed to the rise in fuel prices. The rate of increase in gasoline prices in Turkey reached up to 113% in one year. Meanwhile, in EU countries, the average price of 95 octane gasoline increased by only 1.5% over a 14-month period.

Fuel price increases in Turkey have reached unprecedented levels compared to Europe. While Europeans purchased gasoline only slightly more expensive by 1.5% compared to the previous year, Turkey experienced a 113% increase in gasoline prices within one year following the fuel hikes. The tax and price increases introduced after the 2023 elections, along with the rise in exchange rates, led to the increase in fuel prices.

Gasoline Exceeds 43 Turkish Liras

Increases in Special Consumption Tax (SCT) amounts also directly affected fuel prices. In July, the SCT amount for gasoline was increased from 2.52 TL per liter to 7.53 TL, and for diesel from 2.05 TL to 7.06 TL.

According to Sözcü’s report; In January 2024, these amounts were set at 9.45 TL per liter for gasoline and 8.86 TL for diesel. Subsequent increases resulted in the price per liter of gasoline, which was 21.32 TL in April 2023, increasing by 113% to 43.56 TL this month. Diesel, which was 20.37 TL in April 2023, increased by 106% to 42.1 TL this month.

AVERAGE OF 1.696 EUROS IN THE EU

According to the Energy Market Regulatory Authority’s data, the average price of diesel in EU countries was set at 1.696 Euros per liter in February 2024. It was observed that prices in these countries had fallen by an average of over 4% since 2023. The average price of 95 octane gasoline in EU countries also increased by 1.5% over 14 months.