Gasoline prices set to exceed 6 liras per liter in Istanbul after planned hikes

ISTANBUL

Gasoline prices continue to burn a hole in Turkish citizens’ wallets, with a 16 kuruş hike set to go into effect early on April 14.

“A 16 kuruş increase is expected to go online in gasoline prices as of April 14,” the Petroleum Products Employers’ Union (PÜİS) said in a statement on April 13.

With this price increase, the price of one liter of gasoline in Istanbul will rise to 6.06 Turkish Liras ($1.48), the highest price on lira basis.

Diesel prices were also hiked twice over the last three days, seeing an overall 30 kuruş hike amid a dramatic loss in the value of the lira against the U.S. dollar and an increase in oil prices, as geopolitical concerns escalated over Syria.

The lira rose 0.6 percent on April 13 to around 4.08 against the U.S. dollar after a tough week, but was still set to end the week down after being clobbered by economic concerns and Syria tensions.

Warning from gov’t

Meanwhile, the increases in fuel oil prices have prompted warnings from government officials.

On April 13, Economy Minister Nihat Zeybekci called on businesses to “stay calm” against steep fluctuations in foreign exchange markets and oil markets.

“We have witnessed a series of price hikes in the fuel oil market in the last couple of days. I am urging businesses and institutions to show some patience in such fluctuating periods. I advise them not to rush to impose price hikes. We expect a quick recovery. We expect businesses and institutions to show the same appetite in pushing down the prices when we see a rebound,” Zeybekci told state-run Anadolu Agency.