Fuel prices in the TRNC to be reviewed every 5 to 15 days

Fuel prices in the TRNC will be reviewed every 5 to 15 days in the next six months.

The new regulations was approved by the TRNC Council of ministers on Saturday. 

With the “2001 (Amended) Regulation Regulating the Pricing Principles of Petroleum Products” approved by the Council of Ministers and published in the Official Gazette states that, fuel price adjustments can be calculated between 5 and 15 days for 6 months, due to the sudden increase in the fuel stock market and foreign exchange.

According to the Official Gazette, the Council of Ministers, based on the authority given by Article 9 of the Fuel (Storage, Transport and Sales) Law, approved the “2001 (Amended) Regulation Regulating the Pricing Principles of Petroleum Products.

According to the approved regulation, the pricing calculation to be made in accordance with the rules of Article 5 of the main regulation, in order to control the excessive costs caused by the sudden increase in the fuel market and the dollar, will be calculated between 5 business days and 15 business days, valid for 6 months, on the business day deemed appropriate by the ministry.