Turkey ranks 8th globally in diesel price hikes over three months
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Turkey recorded the world's 8th-largest diesel price increase and 11th-largest gasoline price increase over the past three months, according to GlobalPetrolPrices data covering 175 countries. Diesel rose 22% in lira terms to 82.65 lira per liter, while gasoline climbed over 10% to 71.54 lira. The increases come as Brent crude tested $95 per barrel and the government prepares to phase out a fuel tax exemption from September.
Key Facts
- Turkey's diesel price rose 22% in lira terms over three months to 82.65 lira per liter, the world's 8th-largest increase.
- Turkey's gasoline price rose over 10% to 71.54 lira per liter, the world's 11th-largest increase.
- Brent crude tested $95 per barrel, up nearly 6% on the week.
- Economist İnan Mutlu said the fuel tax exemption ends in September, with monthly increases of 3 lira reaching 12 lira by December, adding 14.4 lira to pump prices including VAT.
- TESK Chairman Bendevi Palandöken called for reinstating the eşel mobil system to offset fuel price increases.
Global Price Rankings
Turkey ranked 8th globally in diesel price increases over the past three months, with an 18.3% rise, according to GlobalPetrolPrices data. Cuba led with a 78% diesel price increase, followed by Rwanda at 32.7%, Uganda at 29.9%, Cape Verde at 24.2%, and Guatemala at 22%. Turkey's diesel price reached $1.71 per liter, above the global average of $1.51. For gasoline, Turkey ranked 11th globally with a price increase exceeding 10%, reaching 71.54 lira per liter. Turkey's gasoline price in dollar terms was $1.48 per liter, compared with a global average of $1.41.
Tax Policy Impact
Economist İnan Mutlu said the Special Consumption Tax (ÖTV) on diesel is currently zero but will increase by 3 lira monthly starting in September. By December, the ÖTV will reach 12 lira, and with VAT the total pump price impact will be 14.4 lira, Mutlu said. TESK Chairman Bendevi Palandöken said the eşel mobil system, which was previously applied but later removed, should be reinstated to subsidize fuel prices fairly. Palandöken projected the tax increase would add 3 lira in September, 6 lira in October, 9 lira in November, and 12 lira by December.
Market Context
Brent crude oil prices rose nearly 6% on the week to test $95 per barrel. Diesel prices in Turkey rose from 67.46 lira per liter in mid-May to 82.65 lira, a 22% increase in lira terms and 18% in dollar terms. Gasoline prices rose from 64.93 lira to 71.54 lira over the same period, and have increased 22.7% since late February.
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Turkey ranks 8th globally in diesel price hikes over three months
