Gasoline prices in Turkey rise

Fuel distributors in Turkey increased the price of gasoline by Kr 4-5 per liter as of Tuesday.

The price of a liter of 95 and 97 octane unleaded gasoline is now up by Kr 4 and Kr 5, respectively, this in addition to the Kr 9 increase last week. With this, the total gasoline price increase in Turkey stands at Kr 14 in just one week.

Fuel distributor OPET increased the price of its 95 octane unleaded gasoline from TL 4.04 per liter in İstanbul and Ankara to TL 4.08 per liter. The price in the eastern province of Van is even higher, at TL 4.18 per liter. The price of a liter of 95 octane unleaded gasoline at Petrol Ofisi gas stations rose from TL 4.02 to TL 4.07 in İstanbul and Ankara. Shell, however, has left its prices untouched.

Moreover, 97 octane unleaded gasoline is now sold for between TL 4.09 and TL 4.22 per liter, depending on the province.

Crude oil, which was $89 a barrel at the end of January, is now just below $100 as of the opening of the markets on Tuesday. Rising oil prices hurt a country's account balances, inflation and growth. Turkey's current account deficit has been an issue for some time, and the latest developments in oil prices will not help. In fact, crude oil prices have had a significant effect on the current account deficit, as a barrel of crude oil has nearly more than doubled in price since the beginning of 2009, thereby increasing the cost of imports.


/World Bulletin/