Turkey withdraws latest increases in gasoline, diesel prices

* Photo: FALCONLPG

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The Energy Oil Gas Refueling Stations' Employers Union (EPGİS) has released a statement and announced that the increases in the prices of a liter of diesel and gasoline in Turkey have been withdrawn.

While the price increases were expected to enter into effect today (March 10), the union has stated that the price hikes have been withdrawn on the grounds that "they have been canceled at their source".

It was announced on March 9 that the price of a liter of gasoline would increase by 0.79 lira and that of a liter of diesel by 2.25 lira a day later.

With these price increases withdrawn, a liter of gasoline will continue costing 20.44 Turkish Lira (TRY) in the capital city of Ankara, 20.35 TRY in İstanbul and 20.46 TRY in İzmir while a liter of diesel will cost 22.92 TRY in Ankara, 22.83 TRY in İstanbul and 22.92 TRY in İzmir.

The increases in fuel oil prices have been reportedly caused by the production constraints as a result of the war that broke out between Russia and Ukraine on February 24 and the supply shortages.

How are fuel oil prices calculated?

The fuel oil prices are calculated based on the average prices of processed products in the Mediterranean basin, where Turkey is also located, and the changes in the USD exchange rates. The prices set by the distribution companies based on this calculation may differ from company to company and from city to city depending on the conditions of competition. (AEK/SD)