Gasoline prices up by 1.68 lira, diesel by 1.59 lira in Turkey

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Amid the increasing oil prices and foreign exchange rates, the prices of gasoline and diesel have been increased in Turkey again.

According to the price increases that have entered into force as of today (March 23), in İstanbul, the price of a liter of gasoline has increased by 1.68 Turkish Lira (TRY) to 19.78 TRY while the price of a liter of diesel fuel has increased by 1.60 TRY to 22.27 TRY.

In the capital city of Ankara, a liter of gasoline now costs 19.88 TRY and a liter of diesel costs 22.33 TRY. In the Aegean province of İzmir, a liter of gasoline costs 19.90 TRY and diesel costs 22.33 TRY.

246-percent increase in a year

A year ago, a liter of gasoline cost around 7.07 TRY and a liter of diesel cost 6.43 TRY in İstanbul. In early January 2022, a liter of gasoline cost around 12.29 TRY and diesel around 11.43 TRY in the city.

With the recent price increases, the annual increase in the price of gasoline has hit 180 percent while the increase in gasoline prices since the new year has been 61 percent. As for diesel, its price has increased by 246 percent in the last year and by 95 percent since the new year.

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.

Since Russia's invasion of Ukraine on February 24, 2022, fuel oil prices have been increasing across the world. The price of a barrel of Brent crude oil, which has been incessantly increasing since the last week of 2021, has hit 119 USD. Apart from this, the loss of value in the Turkish Lira (TRY) has also been effective in the price increases in Turkey. (TP/SD)