Gasoline prices further cut back

ISTANBUL

The gasoline pump price is expected to decrease as low as 5.29 Turkish Liras per liter in Istanbul as of March 18, according to local media.

The Energy Petroleum Gas Refueling Station Employers Union announced on March 17 that the gasoline prices would be decreased 0.25 liras per liter at the end of the day.

A liter of gasoline was sold for 5.54 liras per liter before the cutback.

In Ankara, gasoline prices are expected to decrease from 5.69 liras per liter to 5.44 liras.

Gasoline prices across Turkey were floating around 6.95 at the beginning of this month.

Despite the loss of oil demand because of the global spread of the coronavirus, Saudi Arabia and Russia are embroiled in a price war instigated after failing to agree to extend supply curbs to support the market.

Oil fell below $30 a barrel on March 17 to its lowest since 2016 as the pandemic hits economic growth and oil demand.

Meanwhile, Turkey’s benchmark stock index rose 1.18 percent, or 1,035.02 points, on March 17 to start the day at 88,923.35 points. At March 16’s close, Borsa Istanbul’s BIST 100 index slipped 8 percent at 87,888.34 points, with a daily trading volume of 6.4 billion Turkish liras ($998 million). The index floated around 85.200 at 16:45 local time on March 17.