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Dollar falls 3% in Iran as nuclear talks with US conclude in Oman
3 hours ago
Gasoline price at Opet stations in Istanbul’s European side was down 0.7% year on year at 43.27 per litre as of April 10, according to the prices provided on the fuel retailer’s website.
It is a rare moment for Turkey, which suffers from chronic hyperinflation.
Formula
Fuel prices in Turkey are automatically updated based on a formula. The variables are the Brent oil price, crack margins (CIF Med), the $/TRY rate and taxes (the special consumption tax (OTV/SCT) and the value-added tax (VAT)).
Diesel price is, meanwhile, still up 5% y/y to TRY 44.26 per litre at Opet’s stations in Istanbul’s Europe side.
Saw three digits
In June 2022, the annual increases in gasoline and diesel prices saw as high as 269% and 316% respectively due to the sharp lira depreciation seen at that time.
Following sharp hikes in 2022, the annual price increases turned negative in March 2023 before booming again with tax hikes and lira depreciation in July 2023.
Trump helping
In June 2023, the current orthodox economy management took the wheel.
The annual rise in gasoline price stood at 77% at end-2023 and at 27% at end-2024.
After Donald Trump announced his tariffs on April 2, Brent oil price declined from $75 per barrel to $63 as of April 11.
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