Headline: Fuel Prices Set to Rise: Brace for Increases in Gasoline and Diesel

As of Friday, a price increase of around 1 TL for gasoline and diesel is anticipated. According to industry sources, following Tuesday's reductions of 1.87 TL in gasoline and 1.65 TL in diesel, fuel prices are on the rise again. With the upcoming increase, the price per liter of gasoline in Istanbul will reach approximately 43.86 TL, in Ankara 44.26 TL, and in Izmir 44.72 TL. For diesel, the new prices are set at 42.91 TL per liter in Istanbul, 43.44 TL in Ankara, and 43.95 TL in Izmir. Prices may vary based on city, district, and supplier.

Current fuel prices and recent discounts Prior to the hike, the price per liter of diesel in Istanbul is observed at 41.91 TL and gasoline at 42.86 TL. In the capital Ankara, gasoline is offered at 43.25 TL per liter, diesel at 42.44 TL per liter, and LPG at 25.15 TL per liter. These prices provided temporary relief following the discount three days ago. However, due to fluctuations in Brent oil prices and exchange rates, monitoring fuel prices closely is necessary. Additionally, while calculating prices, customs-free refinery prices are augmented by factors such as special consumption tax (ÖTV), EMRA share, and VAT.

Process of determining fuel prices In Turkey, the determination of fuel prices starts with calculating the customs-free refinery price. This price is derived by monitoring the daily CIF Mediterranean product prices published in the Mediterranean-Italian market and the daily dollar exchange rate. Subsequently, factors such as ÖTV and EMRA share are added to determine the refinery sales price, excluding VAT. During this process, prices can vary by city and district as distribution companies and dealer margins also influence the pricing. As a result, these updates in fuel prices require continuous monitoring by both drivers and the industry at large.