Gasoline prices up by 1.61 lira, diesel by 1.51 lira in Turkey

* 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 (February 25). While the price of a liter of gasoline has been increased by 1.61 Turkish Lira (TRY), that of diesel has been increased by 1.51 TRY.

With this recent price increase, the price of a liter of gasoline will increase from 15.14 TRY to 16.75 TRY while the price of a liter of diesel fuel will increase from 15.46 TRY to 16.97 TRY in İstanbul.

The last time when the price of diesel was increased was on February 7 (by 0.8 TRY per liter) while the last time when the price of gasoline was increased was on February 8 (by 0.71 TRY per liter).

Following Russia's invasion of Ukraine in the morning yesterday (February 24), the Brent crude prices have seen an 8-year high. The loss of value of the TRY has also played a role in the price increase.

Affected by the invasion as well, the exchange rate of the US dollar (USD) has increased from 13.60 TRY last week to 14.54 TRY. Today, the exchange rate of the USD against TRY has been around 13.80 TRY.

As reported by the state-run Anadolu Agency (AA), oil prices increased today, having reached new highs during the previous trading session as US President Joe Biden slapped tougher sanctions on Russia after its invasion of Ukraine, raising fears of supply disruptions.

International benchmark Brent crude was trading at 97.47 USD per barrel at 0646 GMT for a 2.15 percent gain after closing the previous session at 95.42 USD a barrel. American benchmark West Texas Intermediate (WTI) traded at 94.61 USD per barrel at the same time for a 1.94 percent increase after the previous session closed at 92.81 USD a barrel. (HA/SD)