In a significant market shift, Turkey has announced a notable reduction in diesel fuel prices, a response to Brent crude oil's five-month low price of $74 per barrel on the international market. Diesel prices per liter have been slashed by 1 Turkish Lira and 30 kurus, effective from today.
Diesel Prices Across Turkey
The price cut has led to a change in average diesel prices per liter across various cities in Turkey. In the European side of Istanbul, the price now stands at 36.24 TL. Ankara sees a price of 36.92 TL, Izmir at 37.13 TL, Adana at 37.41 TL, Bursa at 36.99 TL, Antalya at 37.65 TL, Diyarbakir at 37.62 TL, and Trabzon at 37.30 TL.
Gasoline Prices Remain Unchanged
Despite the drop in diesel prices, gasoline prices in Turkey remain unaltered as of today. Turkey's Energy Market Regulatory Authority (EMRA) had earlier implemented a new price ceiling, which led to a slight increase in gasoline prices by an average of 0.04 liras per liter. Current gasoline prices per liter are fixed at 4.49 liras in Ankara, 4.46 liras in Istanbul, and 4.48 liras in Izmir.
Vitol Group's New Venture
In related news, the world's biggest independent oil trader, Vitol Group, is entering the used-car business. This move represents a diversification effort of the major energy traders to adapt to the transition towards greener fuels. Vitol Group, which traded over 8 million barrels of oil and petroleum products daily in 2019, is keen to strike deals with those looking to sell their cars in Turkey and Pakistan.