Another hike in fuel expected in North Cyprus soon

Plans are ongoing to increase the price of fuel products in the TRNC.

On Wednesday, there was a report on the shortage of 95 octane gasoline from petrol stations in the country, and with this, there is 'expectations for a hike' in fuel products in the coming week.

Expressing that there is no hike situation at the moment, Undersecretary of the Ministry of Economy and Energy Şahap Aşıkoğlu pointed out the developments in Russia-Ukraine might lead to a hike in fuel prices.

Aşıkoğlu said, “With this war, there will be an expensive price in fuel in the world. We will evaluate it when the day comes.” 

Expressing that it is not possible to comment on whether this will be reflected as a hike when the date of change in fuel prices comes, Aşıkoğlu said, “We do not know whether the finances will prevent this or what steps will be taken when the day comes. But at the moment, there is no hike in question," he said.

On the other hand, the President of the Petroleum Association, Levent Çağdal, said that the 95 octane gasoline of the Cyprus Turkish Petroleum was exhausted on Wednesday, but that there was no shortage of stocks at the stations.

Saying that the 95 octane gasoline of Cyprus Turkish Petroleum has run out today, Gasoline Dealers Association President Levent Çağdal shared his prediction that "an increase in fuel oil is inevitable".

Çağdal said, “There is no shortage of fuel at the stations. On the other hand, K-PET's 95 octane gasoline ran out yesterday (Wednesday), the ship came to the island, it is unloading, 95 octane gasoline will be delivered this morning. If it is not given today, there will be a problem, but there is no problem at the moment," he said.

Explaining that oil prices rose in one day due to the developments in Russia-Ukraine, Çağdal commented, “Unfortunately, there will be an increase due to these situations”.

Çağdal said, “While the oil prices were 90 Dollars yesterday, they started to hover around 110 Dollars today. The exchange rate is also on the rise, I hope these figures will not be permanent. Otherwise, it will reflect on both pump prices and other items in the country.”