Turkey fuel prices rise following diesel hike and expected gasoline increase

Fuel prices in Turkey are experiencing significant volatility due to rising Brent crude oil prices, which have surpassed $90 per barrel, and fluctuations in foreign exchange rates.

Following a recent increase of 2.92 TL per liter for diesel (motorin) on August 22, a new price hike for gasoline is expected to take effect at midnight on August 25. If implemented, gasoline prices are projected to rise by 2.74 TL per liter. In major cities, this would bring gasoline prices to approximately 74.13 TL in Istanbul, 75.25 TL in Ankara, and 75.55 TL in Izmir.

The diesel price increase has already pushed costs significantly higher, with prices in some eastern cities exceeding 85 TL per liter. These upward trends are driven by geopolitical risks in the Middle East and rising international refined product costs. While the government previously implemented measures to mitigate costs, such as zeroing out Special Consumption Tax (ÖTV) on diesel through August, the cumulative increase for diesel over the last two months has reached approximately 18 TL.