Gasoline, diesel prices increased in Turkey for the 7th time in a row

* Photo: Anadolu Agency (AA)

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The Energy Oil Gas Refueling Stations' Employers Union (EPGİS) has announced that fuel oil prices will be increased as of midnight (March 10). While the price of a liter of gasoline has been increased by 0.79 Turkish Lira (TRY), that of diesel has been increased by 2.25 TRY.

This has marked the 7th increase in the prices of gasoline and diesel fuel in the recent period. Yesterday (March 8), the price of a liter of gasoline was increased by 1.07 TRY and diesel by 1.59 TRY.

With this recent price increase, the price of a liter of gasoline will increase from 20.35 TRY to 21.14 TRY while the price of a liter of diesel fuel will increase from 22.84 TRY to 25.09 TRY in İstanbul.

The changes in fuel oil prices over the years

* Changes in fuel oil prices in Turkey from March 2020 to March 2022 (Green: Gasoline (TRY) - Red: Diesel Fuel (TRY))

The Brent crude and USD/TRY parity were as follows at given dates:

• November 1: 68 USD (USD/TRY 9.53)
• December 1: 77 USD (USD/TRY 13.26)
• January 1: 89 USD (USD/TRY 13.31)
• February 1: 97 USD (USD/TRY 13.36)
• Now: 130.5 USD (USD/TRY 14.46)

As of March 10, the Value Added Tax (VAT) and Special Consumption Tax account for 24.01 percent of the fuel oil prices in Turkey. (HA/SD)