Double rise for gasoline and diesel

The government, which the day before presented the proposal to Parliament, which contemplates an increase in the producer’s inflation rate every 6 months, in the special consumption tax (SCT) of fuel products, made a new tax increase today to fuel oil

The value added tax (VAT) rate on fuel was increased from 18 percent to 20 percent.

Thus, a double increase in taxes will come to the rapid increase in fuel prices due to the increase in the dollar exchange rate.

40 CUR INCREASES FROM SCT

In the first six months of 2023, producer inflation was 14.82 percent.

Currently 2.5 TL per liter of gasoline and 2.06 TL per liter of diesel are charged. 18 percent VAT is also applied to this SCT.

After the proposal becomes law in the next few days, the fixed excise duty on a liter of gasoline will increase to TL 2.9. When VAT is added, there will be an increase of approximately 43 cents per liter of gasoline. In diesel, an increase of 37 cents will be on the agenda.

The autogas SCT will also increase by 14.82 percent.

VAT INCREASE OF 40 CENTS

As of July 10, with the VAT increase from 18 to 20 percent, there will be an increase of approximately 40 kuruş per liter of gasoline and diesel.

Along with the increase in the SCT, there will be a total increase of 80 kuruş in diesel and gasoline per liter.

HIGH PRICES AFTER THE ELECTIONS

The price per liter of diesel is approximately TL 24.78 in Istanbul, TL 25.23 in Ankara and TL 25.35 in Izmir.

After the second round of the elections held on May 28, diesel fuel increased by 28 percent in total.

The price of a liter of gasoline is approximately TL 26.19 in Istanbul, TL 26.64 in Ankara and TL 26.67 in Izmir.

Gasoline also rose 25.4 percent after the election.

Prices vary between provinces, districts and distributors.