Türkiye raises gasoline, diesel prices

March 14, 2024 admin-dominor

This photo taken on March 14, 2024 shows the price board at a petrol station in Istanbul, Türkiye. Petrol and diesel prices in Türkiye increased by 3.76 and 2.69 percent, respectively, on Thursday. (Photo by Safar Rajabov/Xinhua)

ISTANBUL, March 14 (Xinhua) — Petrol and diesel prices in Türkiye increased by 3.76 and 2.69 percent, respectively, on Thursday.

The prices of gasoline and diesel per liter were capped at 42.06 Turkish liras (1.31 U.S. dollars) and 41.86 liras, respectively, Turkish up-market newspaper Cumhuriyet Daily reported.

According to the report, behind the new hike lies the surging price of Brent crude, which hit a four-month high above 85 dollars per barrel on Thursday.

Oguz Demir, an economist and former academic at the Istanbul Commerce University, said on his social media account that “only in the first two and a half months of this year, the increase in gasoline prices (in Türkiye) has approached 22 percent.”

“At the beginning of January, one liter of gasoline was priced at 34.5 liras,” he noted.

Coskun Erol, an Istanbul resident, hurried to the nearest petrol station to fill his tank after hearing the news. “The rise in fuel prices impacts me personally,” he told Xinhua, saying the price surge will further contribute to the already high inflation, as the costs of commodities will rise accordingly.

Tunc Satiroglu, an investment expert and founder of Kanal Finans, a consulting company, suggested that fuel price hikes should be offset through tax adjustments.

He said on social media platform X that “these increases should not burden citizens directly, and any differences should be covered through savings within the public sector.”

“Otherwise, it will contribute to inflation,” which hit 67.07 percent in February, Satiroglu noted. ■