Turkish petrol prices will rise again a day after markdown

Petrol prices in Turkey will rise as much as 0.1 percent as of Wednesday midnight just a day after the country reduced the prices, Cumhuriyet newspaper said.

The price of a litre of fuel will increase to an average of 5.04 liras ($0.78) per litre, up from 4.97 liras ($0.76) per litre, Cumhuriyet said.

Turkish authorities on Tuesday reduced the prices by 0.22 liras, just a day before the new price hike of 0.07 liras in average and the latest rise comes after an increase in global petrol prices, the newspaper said.

Turkish petrol prices have risen sharply since last summer after a currency crisis led to a slump in the value of the lira against the dollar and euro. The lira lost 28 percent of its value last year and has continued to decline in 2019. Turkey imports almost all the oil it consumes.

The Turkish government is seeking to reduce inflation caused by the fall of Turkish lira through various unorthodox measures including selling cheap food in city squares and cutting loan rates at state-run banks following an economic contraction.

And renewed hikes in power prices seriously cripple the attempts against high inflation, the chairman of the Confederation of Turkish Tradesmen and Craftsmen (TESK) earlier said, adding that Turkish authorities have already raised the price of gasoline 12 times and diesel oil 8 times in 2019.


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