Increase in the exchange rate for autogas from three companies
The widening of the difference between official and market rates in the exchange market before the May 14 elections continues to affect the fuel sector.
Representatives of the fuel industry in statements to Sozcu.com.tr affirmed that the first concrete reflection of the phenomenon of the double exchange rate in foreign currency occurred in automobile gas (LPG), and that importing companies had increased their distributors at about 30 cents per liter as of yesterday.
While the sector evaluated reflecting this rise to the consumer, it was stated that the duration of the bilateral exchange situation would be decisive.
The Kadogaz company was seen to increase gasoline for cars by 30 cents from the night before.
Last night, BP, Balpet and Lukoil also raised 30 cents a liter of gasoline for cars for the same reason.
ON THE AGENDA OF THE ENTIRE SECTOR
Stating that almost half of Turkey’s auto gas consumption is covered by imports, and that the importer has started importing at a dollar exchange rate reaching 20.50, industry representatives emphasized that if the market remains at these levels, the entire sector will have to make an increase.
By affirming that almost half of diesel consumption is covered by imports, the representatives of the sector pointed out that there is still no concrete development in this product, but the same dynamic operates here, and that if these levels are permanent in the exchange rate , a problem will arise.
Noting that there is a gross profit margin of approximately 10 percent in the fuel sector and that the marketing margin of 6 percent in the exchange rate is unsustainable, the representatives of the sector said that they hope that this situation will be transitory, otherwise the energy authority must take action.
THE OFFICIAL CHANGE IS IN THE EMRA FORMULA
As of this week in the banks, the difference between the buying and selling rates in dollars was 6 percent.
The fuel sector, which calculates its sales prices according to the formula determined by the EMRA and the official exchange rate, was also deeply affected by this unprecedented situation in the exchange market.
The suppliers, who began to receive $20.50 from the bank while importing, began to reflect this on the fuel distribution companies, but since the pricing is done according to the official dollar rate of 19.40 and is not clear how long the bilateral exchange rate situation will last. will last, the sector has difficulties to set prices.