Fuel increases create a ripple effect

Fuel prices, which rise to the eye every week, are expected to create a domino effect in all areas, from transportation to production, causing further price increases and inflation. CHP Vice President Ahmet Akın pointed out that fuel prices in Turkey doubled due to the wrong economic policy and the price increase would continue. Recalling that the price of a liter of gasoline was 19 lira 81 cents and the price of a liter of diesel was 18 lira 58 cents on May 14, when the election was held, Akın stated that although the price of fuel, which it is a basic input in all sectors, it doubled in three months, current economic data shows that this increase will continue.

“PRICES ASK 50 TL”

Noting that fuel prices will rise further as the Turkish lira continues to depreciate, Akın said: “The increase in production costs is reflected in the market, market and shelf prices as an increase. In other words, fuel increases will create a ripple effect on inflation. An increase of about 6 lira per liter caused a record inflation in July 2023. Now, the increases in the price of fuels in August will increase inflation even more, ”he said. Stating that the government created the perception that oil in Gabar would make prices cheaper during the election period, Akın said: “Before the elections, they made propaganda saying: ‘We found oil in Gabar, we will give it to the citizens under the conditions more favourable”, and prices doubled in three months. Fuel prices rise at least once a week. If it continues like this, fuel prices may exceed 50 lira,” he said.

Price hikes doubled oil prices

CHP’s Akın said: “The view that international markets are the cause of the increase in fuel prices does not reflect the truth.” In other words, while the Brent oil price increase was limited to 7.6%, the fuel price in Turkey increased by almost 100%.