Gasoline prices rise by 15 kuruI

The price of gasoline in Turkey rose by TL 0.15 per liter as of midnight on Tuesday, reaching TL 4.81 per liter.
Energy market sources cited liraand’s depreciation against the US dollar for the hike in gasoline prices. Turkish consumers pay one of the worldand’s highest prices for gasoline, essentially due to high tax rates. In 2000, the government only levied TL 0.367 on the per liter price of gas as tax however, the figure had skyrocketed to TL 2.936 by 2014.
The Energy Market Regulatory Agency (EPDK) has released information regarding tax shares in fuel prices. According to the agency, the tax share in a liter of gasoline has reached 64.54 percent, while the same ratio in a liter of diesel fuel stood at 57.52 percent. Though global crude oil prices have nosedived to historic lows, falling by almost half since June 2014, the reduction in Turkish gas prices has remained relatively lower. The hike in gasoline prices and the unease it creates among consumers is something that the new government will have to deal with to soothe voter concerns. Turkeyand’s main opposition parties have pledged to fight inflation and ease the burden of a stalling economy on citizens.

SOURCE: Today’s Zaman