Petrol prices in Türkiye rise by 20% overnight

Petrol and diesel prices rose by 20 per cent in Türkiye on the night of July 16 to 17.

The reason for this was an increase in value-added tax (VAT) at the beginning of the month, RBC reports citing Yeni Akit.  

On July 15, a litre of petrol at gas stations cost 28.05 lira (about $1.07), and diesel - 26.32 lira (about $1.01). Following the publication of the decision to increase prices in the government's Resmi Gazete magazine, they are now 34.08 lira ($1.30) and 32.04 lira ($1.22) respectively, the publication noted.

At the beginning of the year, a litre of petrol could be purchased for 21.14 lira ($0.81), Haberturk notes.

Bloomberg agency with reference to Resmi Gazete writes that the Turkish authorities have increased fuel taxes by almost 200 per cent (compared to what period, it is not specified). Taxes relate to the consumption of various types of fuel, including petrol and diesel.