Global Oil Tensions Send Fuel Prices Soaring
· Bloomberg HT
As geopolitical tensions escalate in international markets, pushing oil prices up, domestic diesel prices have increased by 8.89 TL and gasoline by 1.05 TL.
Global Tensions Hit Oil and Fuel Prices
The United States' threat to impose an indefinite maritime blockade on Iran has reignited concerns about crude oil supply in international markets. Brent crude futures rose by 0.9% to $87.16 a barrel, while US West Texas Intermediate (WTI) crude increased to $81.31 a barrel. This sharp rise in global markets directly impacted domestic fuel prices. Diesel, a key input for agricultural production and transportation costs, saw an increase of 8 lira 89 kuruş, and gasoline prices rose by 1 lira 5 kuruş.
Price Hikes at the Pump and SCT Regulation
With the new tariffs, diesel prices have surpassed the 82 TL threshold in some cities. In Istanbul's European side, gasoline is priced at 71.45 TL, diesel at 79.68 TL, and LPG at 33.79 TL. In Ankara, gasoline is set at 72.40 TL per liter, diesel at 80.80 TL, and LPG at 33.89 TL. In Izmir, gasoline climbed to 72.69 TL, diesel to 81.07 TL, and LPG to 33.79 TL. A Presidential Decision published in the Official Gazette has zeroed the Special Consumption Tax (SCT) on diesel until the end of August, with a gradual increase expected from September onwards.