Turkey witnesses 3rd gas increase within 1 week during curre…

(MENAFN) On Saturday, June 11th, Turkish consumers were hit by the third wave of gasoline price increases in a week, as the fluctuating Turkish currency took its toll on the economy, which is heavily reliant on imports.

According to Birgun daily, the per liter gasoline price increased by 2.18 liras (approximately 0.12 US dollar) to roughly 28.5 liras across the nation, representing a about 268 percent rise in fuel costs compared to 2021.

In the meantime, the Turkish currency is approaching an all-time low hit in late December 2021, with one dollar trading at 17.12 Turkish liras on Saturday, June 11th. The currency’s precipitous slide coincides with rising inflation, which reached a 24-year high in May.

The lira momentarily touched a record low of about 18 in late December 2021, when Turkish President Recep Tayyip Erdogan said that his administration will continue to lower interest rates in order to keep the economy afloat.

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