Fuel price hike following crude oil production cut

MOTORISTS were hit by hikes of up to 2.24TL per litre in the price of fuel last Saturday.

The pump price of 95 octane unleaded petrol rose by 99 kuruş to 20.90TL per litre, while there was a 1.01TL increase in the price of a litre of 98 octane unleaded petrol to 21.21 TL.

The biggest increase was for “Euro diesel”, which went up 2.24TL to 24.92TL per litre. The cost of kerosene rose by 90 kuruş to 23.82TL per litre.

Economy and Energy Minister Olgun Amcaoğlu, who announced the price rises, pointed out that oil prices have increased because the countries that are part of the Organization of the Petroleum Exporting Countries (Opec) have restricted production.

Mr Amcaoğlu stated that Opec and Russia, known as “Opec+” for short, decided to reduce crude oil production by two million barrels a day, the biggest cut in output since the beginning of the Covid-19 pandemic.

He said this led to a rise in the global prices of crude oil, which are priced in US dollars, meaning an increase in fuel prices in the TRNC had become a “necessity”.