TRNC increases fuel prices

The government of the Turkish Republic of Northern Cyprus has announced an increase in the price of petroleum products.

The increase of about 1TL was announced on Friday, October, 7. 

Minister of Economy and Energy Amcaoğlu noted that oil prices increased due to the OPEC+ countries limiting production.

Amcaoğlu stated that the oil producer partners, consisting of the Organization of Petroleum Exporting Countries (OPEC) and Russia, called OPEC+ for short, have imposed the largest production limitation on crude oil production with 2 million barrels since the beginning of the pandemic.

In his statement through the press office, Minister Amcaoğlu said, “While this limitation, which is considered an aggressive production cut in the markets, is the biggest production limitation since the Covid 19 epidemic, US crude oil is around 88 Dollars and Brent oil is around 94 Dollars on the last trading day of the week.

"At the same time, it has become a necessity to re-adjust fuel prices in our country."

Accordingly, the new prices are as follows:
95 Octane Gasoline increased from 19.91TL to 20.90 TL
98 Octane Gasoline increased from 20.22TL to 21.21 TL
Euro Diesel increased from 22.68TL to 24.92 TL
Kerosene/Gas oil was increased from 22.92TL to 23.82 TL

The new price will come into effect from midnight on Saturday, October, 8, 2022.