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Turkey's fuel price volatility strains households late July

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2026-07-30 08:10 UTC → 2026-07-31 07:34 UTC · added ~~removed~~

Turkey's fuel price volatility strains households late July ~~2026~~

Mid‑July 2026 Turkey accelerated fuel‑price reforms, beginning with a 1.55 TL gasoline rise on 15 July and a midnight "double" hike on 17 July that added 1.10 TL per litre to gasoline and 3.10 TL to diesel. Subsequent nightly adjustments on 21 July and a seventh hike on 24 July lifted diesel to the mid‑70 TL range and gasoline above 67 TL, driven by Brent crude near $100 per barrel, a weaker lira and successive ÖTV changes. On 25 July a further diesel increase of 4.20 TL per litre pushed average prices in Istanbul, Ankara and İzmir to 78‑80 TL and above 81 TL in eastern provinces, with the exhausted "Eşel mobil" subsidy no longer shielding consumers. Public discontent grew as drivers considered switching fuels. Two days later the government announced a diesel price cut of 2.95 TL per litre, expected to bring city‑level prices down to roughly 75‑77 TL and 78 TL in the east. The cut was detailed on 26 July, projecting post‑discount prices of 75.57 TL in Istanbul, 76.68 TL in Ankara, 76.95 TL in İzmir and 78.41 TL in the eastern provinces. Opposition leader Yavuz Ağıralioğlu warned that diesel costs had risen about 46 % over the past year, far above the global average, stressing the impact on agriculture, industry and household budgets. By 29 July market analysts reported a renewed upward pressure: a diesel hike initially forecast at 2.66 TL was later revised to 3.71 TL, while gasoline settled around 67‑68 TL per litre across major cities. The calculations combine Brent crude prices, the USD/TRY exchange rate, refinery costs and taxes, underscoring how quickly international oil‑market shifts translate into domestic pump prices. ~~The rapid sequence of hikes, a brief cut, and the prospect of further increases continues to strain Turkish household finances.~~

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