Price hikes send petrol prices soaring to over seven lira a liter in Istanbul

Petrol prices continue to burn a hole in Turkish citizens’ wallets, with a 25 kurus hike set to go into effect early on July 2.

“As of 2nd July, fuel products has been increased by 27 kurus per liter,” Employers’ Union of Energy Petroleum Gas Supply Stations (EPGIS) said in a statement.

The average price of petrol per liter rises from 6, 89 Lira to 7, 16 lira in Ankara, the price will increase to 7,08 lira from  6.81 lira in Istanbul and from 6.88 lira to 7.15 lira in Izmir, EPGIS stated.

As distribution companies determine the prices, the oil prices show little changes in different regions due to competitions and transportation factors.

In January 2015 petrol prices were almost half the current level, but a Turkish currency weakened due to deteriorating relations with the US has played havoc as have regional geopolitics — especially the standoff between the US and Iran that has resulted in a rising oil price.

In January 2015 the state-run Anadolu news agency reported that petrol prices were 4.49 lira in Ankara, 4.46 lira in Istanbul and 4.48 lira in Izmir.

19 Kurus discount on autogas

With the new tariffs, autogas (liquefied petroleum gas) price will be decreased by 19 kurus. After the discount, the sales price of autogas per liter will drop to 3.55 lira in Istanbul and 3.66 lira in Ankara and 3.54 lira in Izmir, EPGIS shared the new prices.

EPGIS has announced on June 25 that the diesel fuel price would increase by 23 kurus but with the support of the sliding scale system, 22 kurus reflected in the pump, the remaining 1 cent increase covered by the tax.

The new diesel price per liter increased to 6.52 lira from 6.30 in capital Ankara, 6.25 lira to 6.47 lira in Istanbul, and from 6.31 lira to 6.53 lira in Izmir in the last week.

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