Major gasoline, diesel price hikes effective by March 25 across Türkiye
File photo shows a car being refueled at a gas station in Türkiye, accessed on Mar. 24, 2025. (Adobe Stock Photo)
Fuel prices across Türkiye will rise this week, with gasoline increasing by ₺1.51 (4 cents) per liter tonight and diesel by ₺1.3 on Wednesday, the Turkish media reported.
The anticipated increase comes in the wake of the recent depreciation of the Turkish lira against the U.S. dollar.
As of March 24, average fuel prices across Türkiye stand at ₺45.78 per liter for gasoline, ₺46.14 for diesel, and ₺27.49 for LPG.
Fuel prices in Türkiye are heavily influenced by fluctuations in the global oil market, particularly due to ongoing instability caused by the Russia-Ukraine war. Prices for gasoline, diesel, and LPG continue to vary, also reflecting the volatility in the Turkish lira’s exchange rate against foreign currencies.
The U.S. dollar/Turkish lira (USD/TRY) exchange rate, which stood at 36.6825 on March 18, surged to 41.1100 the following day. This sharp rise followed the detention of former Istanbul Mayor Ekrem Imamoglu in connection with a corruption investigation, which caused political uncertainty and heightened market tension.
In response, the Turkish central bank intervened by selling foreign currency in an effort to stabilize the exchange rate. As a result, the rate dropped back to the 37 levels and was trading at 37.9030 as of 11:37 a.m. local time (8:37 a.m. GMT) on Monday.
On the international front, Brent crude oil prices also showed volatility. On Friday, Brent rose as high as $72.02 per barrel but closed the day slightly lower at $71.72. As of 9:25 a.m. local time (6:25 a.m. GMT) on Monday, Brent had declined by 0.23%, trading at $71.55 per barrel.
Meanwhile, the U.S. benchmark West Texas Intermediate (WTI) crude was trading at $68.13 per barrel at the same time.
How fuel prices are calculated in Türkiye
In Türkiye, fuel prices are influenced by global oil prices and the USD/TRY exchange rate. The process starts with the customs-free refinery price, calculated from daily average refined product prices in the Mediterranean market, especially Italy-Mediterranean CIF rates, and converted into Turkish lira.
To this base price, the Special Consumption Tax (OTV) and a regulatory fee from the Energy Market Regulatory Authority (EPDK) are added. Finally, value-added tax (VAT) is applied, forming the retail price consumers pay.
