Turkish motorists get small reprieve as fuel prices drop

Turkey reduced petrol prices by 11 kurus per liter at midnight only two days after it hiked the price by 27 kurus.

The discount comes as the Turkish Lira strengthened against U.S. Dollar.

“As of 5th July, fuel products has been reduced by 11 kurus per liter”, Employers’ Union of Energy Petroleum Gas Supply Stations (EPGIS) said in a statement.

After this discount, gasoline prices fell below 7 lira in Istanbul, which was a historic high.

The average price of petrol per liter fell from 7,16 to 7.05 lira in Ankara, from 7,08 lira to 6.97 lira in Istanbul and from 7.15 lira to 7.04 lira in Izmir.

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

Fuel prices doubled in Turkey compared to January 2015 prices as Ankara’s ongoing tensions with Washington has had a devastating effect on the Turkish currency.

The tensions related to an American pastor accused of spying, U.S. support for a rebel faction in Syria that Ankara deems to be an extension of the banned PKK and Turkey’s decision to purchase a Russian missile defense system.

Since last year August, Turkish Lira lost its 50 percent value against U.S. Dollar.

Turkey is an oil-dependent country and Washington’s Iran embargo also cost Turkey heavily as Ankara stopped purchasing Iranian oil as of May as U.S. waivers granted last November to eight buyers expired.

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

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