The high pricing in the global oil markets cannot be restrained. Even the Omicron variant of the coronavirus could not stop the rise in oil prices. While the effects of the new variant are starting to be seen clearly in all markets, the oil markets continue on their way with full rein. Together with all these developments, the necessary financial conditions for new hikes in fuel prices in Turkey have emerged. Will there be new hikes in the liter prices of gasoline and diesel?
OIL PRICES RISE LIKE A MISSILE!
The oil sector has started to experience the brightest period of 2021 in the world. The oil sector, which experienced price shocks in the first days of the Omicron variant, managed to recover quickly. With the possibility of a complete shutdown, oil producing countries accelerated their oil production. When demand was high, prices became uncontrollable. This rising trend in oil prices, on the other hand, heralded serious economic problems in oil-exporting countries such as Turkey.
In the global markets, the price of brent oil per barrel rose above the 75 dollar level. With this upward momentum, a price increase occurred in all petroleum products. While fuel costs increased in dollar terms, a serious loss of momentum emerged in import items in Turkey. In the case of Turkey, a serious cost crisis emerged when the state’s excise duty waiver was added.
DOLLAR DRY SCARES!
While calculating fuel costs in Turkey, one of the main data used in transactions is the dollar rate. Even if oil prices do not rise as the dollar rate rises, fuel costs are advancing rapidly. This is reflected in the cost calculations of gasoline and diesel. When profit margins are added to high costs, citizens have to buy fuel at high prices.
NEW PRICES ARE COMING TO GASOLINE AND ENGINE
Energy Oil Gas Supply Stations Employer’s Union (EPGİS), one of the authorized institutions in determining and announcing fuel prices in Turkey, decides on price hikes by making cost calculations using up-to-date data. According to the information received from industry sources, there has been an increase in fuel costs that may require a hike. Therefore, it was imperative to increase the liter price of both gasoline and diesel. For the amount of the increase, a price of at least 50 cents was determined according to the information given by the sector sources. However, price changes in the dollar exchange rate may further increase the amount of this hike. It was announced that the decision of the hike will be announced on Thursday.