Turkey fuel prices cut by 1 TL amid Brent slump, but face upside from Hormuz tensions

On 19 June 2026 Turkey reduced the gasoline price by 1 TL per litre, updating pump signs at midnight. The new retail rates were 62.19 TL in European Istanbul, 62.03 TL on the Anatolian side, 63.14 TL in Ankara and 63.42 TL in Izmir, while diesel and LPG also fell.

The discount followed a sharp drop in global oil prices after the Strait of Hormuz reopened to tanker traffic, a temporary US‑Iran agreement easing the maritime blockade, and increased production from Kuwait. Brent fell to around $79 a barrel and U.S. WTI to $75, prompting the Turkish government to pass the reduction.

Conversely, analysts warn that a possible re‑closure of the Hormuz Strait by Iranian forces could reverse the trend. Renewed diplomatic friction involving the United States, Israel and Lebanon is expected to push Brent higher again, which would likely trigger a price increase on Turkish fuels in the coming days.