Fuel products experienced a midnight price hike. Prices exceeded 1 dollar

Fuel products experienced a midnight price hike. Prices exceeded 1 dollar

With the presidential decree, the special consumption tax (ÖTV) rates applied to fuel have been increased. Accordingly, prices of gasoline and diesel were raised by 5 lira, while LPG saw a 4 lira increase. Including VAT, the prices of gasoline and diesel increased by 6 TL.

With the Presidential Decree published in the Official Gazette, the specific excise tax (ÖTV) amounts imposed on fuel have been redefined. As a result of the regulation, gasoline and diesel saw a price increase of 6 TL. The new prices became effective from midnight. According to the decree, the ÖTV amount per liter of gasoline increased from 2.52 lira to 7.52 lira, while the tax amount per liter of diesel increased from 2.05 lira to 7.05 lira. For autogas (LPG), the tax amount increased from 2.97 TL to 5.77 lira. Additionally, the ÖTV on products such as benzene, toluene, xylene, solvent naphtha, and lubricating oils was also increased. Following the decision, it was reported that the price of gasoline per liter in Istanbul increased from 28 lira to 34 lira, while the price of diesel per liter increased from 26 lira to 32 lira.

The fixed ÖTV imposed on fuel is used as a balancing factor in reflecting cost price increases to consumers. There had not been an increase in the fixed ÖTV for a long time.

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