Interest rate shock at the pump
Interest rates, which were kept low before the election due to concerns about voting, rose after the election, which also affected gas stations.
The maximum commission rate charged by banks to workplaces for credit card transactions, which was 1.26 percent before the election, increased to 2.71 percent as of September 1 and 3 .16 percent as of October 1.
The maximum commission rate that will be applied to merchants for credit card installment transactions increases by half, to 3.16 percent, for each additional payment.
As such, gas station profit margins have severely declined.
President of the Union of Employers of Power Gas Supply Stations (EPGİS) Fesih Aktaş stated that the total gross profit margin of the distributor and trader on one liter of fuel is 8.6 percent, and the distributor must pay 3 points of the remaining gross profit margin of 4.3 percent. to the bank as POS commission and stated that it was not possible for them to keep the station afloat with the remaining gross profit margin of 1.3 percent.
By stating that the exchange rate and fuel tax increases do not benefit them, on the contrary, they increase their need for working capital, and that interest increases harm them by increasing both POS commission rates and interest on loans, Aktaş said: “Either our profits The margin should be increased or the POS commission rates of banks should be reduced. “Otherwise the stations will be in danger of being closed,” he said.
In the post made yesterday by EPGİS on its Twitter account, attention was drawn to the high commission rates.
INCREASE IN RAINFALL IN FUEL OIL
Before the elections on May 14, the price per liter in Istanbul was 19.81 TL for gasoline and 18.58 TL for diesel.
After the election, fuel prices doubled due to rising oil prices as well as exchange rate and tax increases.
As of today, the price per liter in Istanbul is approximately 36.71 TL for gasoline and 40.13 TL for diesel.
In the roughly four months after the election, the rate of increase was 85.3 percent for gasoline and 116 percent for diesel.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
