Gas prices hiked in Turkey for second time in 8 days

ISTANBUL- Hürriyet Daily News

Turkey has some of the most expensive retail fuel prices in the world, and the hikes will reinforce its position at the top. AA photo

The government has carried out another increase in fuel prices in Turkey for the second time in just eight days, jacking up the price of 98 octane fuel to over five Turkish Liras a liter, making Turkish gasoline some of the most expensive in the world.

Prior to the rise, which was to come into effect at midnight this morning, the price of 98 octane fuel was about 4.93 liras per liter.

A liter of 95 octane fuel, which used to be sold at around 4.83 liras, will jump up to 4.91 liras as well.

Turkey has some of the most expensive retail fuel prices in the world, and the hikes will reinforce its position at the top.

The fuel prices have soared by 19 kuruş within eight days, as they were raised by 11 kuruş on July 8. In the meantime, diesel fuel prices were also hiked by 7 kuruş on July 10.

Turkey’s domestic gasoline sales rose by 1.5 percent to a total of more than 700,000 tons in the first five months of the year compared to the same period last year, while domestic diesel sales rose by 8.5 percent to a total of 6.3 million tons, according to the Oil Market Sector Report of May 2013, which was published by the Energy Market Regulatory Authority (EPDK).

Approximately $3.9 billion of oil sales were made through debit and bank cards in May, the same report showed.