Turkey Ends Fuel Tax Cushion, Phases in Gasoline Tax Increase to Soften Price Jump
18 Articles
18 Articles
Due to the increase in Special Consumption Tax (ÖTV), the retail price of gasoline has risen by 4.27 lira. In the new period that began with the end of the sliding scale pricing system, the ÖTV increase on gasoline will be implemented gradually in November and December, while an increase of approximately 1.48 lira is expected in the price of LPG.
Diesel prices increased by 3 lira 60 kuruş, and LPG prices by 1 lira 45 kuruş. Prices for gasoline, where the highest increase was expected, remained unchanged.
The sliding scale pricing system for fuel, implemented following the price shock created in energy markets by the war in the Middle East and which ended today, has provided a saving of 400 billion Turkish Lira to citizens.
The Special Consumption Tax (ÖTV) rates applied to 95 and 98 octane unleaded gasoline have been redefined by Presidential Decree. The ÖTV per liter for 95 octane gasoline will be 7.90 lira until October 31st, 11.36 lira in November, and 14.8277 lira from December 1st onwards.
The sliding scale system, implemented to limit the impact of global fluctuations in fuel prices and exchange rate movements on pump prices, has ended for gasoline with a decision published in the Official Gazette. To prevent a one-time price increase of 12.47 Turkish Lira for gasoline, the Special Consumption Tax (ÖTV) increase will be implemented gradually, with the tax amount rising progressively in October, November, and December.
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