Fuel prices in Turkey are expected to rise significantly at midnight amid US and Israel's aggression on Iran and Tehran's retaliatory strikes.
Media reports citing sector sources indicate that the price of diesel will increase by 6.69 liras per liter starting tonight, which accounts to an increase of about 10.5%. The raise will push diesel prices toward the 70 liras mark in several provinces (1 US dollar = 43.98 Turkish liras).
The price per liter is expected to reach 67.09 liras in İstanbul, 68.19 liras in Ankara, and 68.46 liras in İzmir. In eastern provinces such as Şırnak, Bitlis, and Bingöl, diesel is expected to sell for 70 liras.
Gasoline prices will also rise by 2.50 liras, or approximately 4.3%, while autogas is expected to increase by 0.65 liras, a rise of just over 1%.
Closure of Hormuz
The strait, which handles about 20% of global oil and seaborne gas supplies, falls under the territorial jurisdiction of Iran and Oman, with the United Arab Emirates (UAE) situated at its southern approach.
As part of its retaliatory strikes, Iran reportedly hit several oil tankers in the Arabian Sea, which led to the effective closure of the Strait of Hormuz. Over the weekend, at least three tankers were damaged and one seafarer was killed.
Leading maritime insurers have canceled war risk cover for vessels in the Gulf as freight costs surge.
At least 150 vessels including oil and liquefied natural gas tankers have reportedly dropped anchor in the strait of Hormuz and surrounding waters.
Against the backdrop of this escalation, brent crude oil reached its highest level in a year, rising from 68 dollars in mid-Feb to 82 dollars as of today. (VK)
