Gasoline Discount Announced: Current Fuel Prices as of May 24, 2024

Brent Oil Price Fluctuations Impact Fuel Costs

With Brent oil prices continuously fluctuating, gasoline and diesel prices also vary, reflecting the latest discounts and hikes. Here’s a look at today’s fuel prices and any recent changes.

Current Gasoline and Diesel Prices

As of today, there’s good news for drivers: a discount on gasoline prices will take effect. Starting from midnight, the price of gasoline will drop by 1 lira and 54 kurus per liter.

Current Fuel Prices in Turkiye

  • Istanbul
    • Diesel: 40.22 TL per liter
    • Gasoline: 42.74 TL per liter

How Are Fuel Prices Calculated in Turkiye?

Fuel prices in Turkiye are determined by several factors. The process involves calculating the Duty-Free Refinery Price, which includes:

  1. Daily CIF Mediterranean Product Prices: These are published in the Mediterranean-Italian market.
  2. Daily Dollar Exchange Rate: Used to convert the prices into local currency.
  3. Special Consumption Tax (SCT) and EMRA Share: Added to the duty-free refinery price.
  4. Value-Added Tax (VAT): The final price at the pump includes VAT, resulting in the Refinery sales price.

This methodology ensures that fuel prices are reflective of both international oil market trends and local economic factors.

Stay tuned for more updates on fuel prices and any further changes in the coming days.

Source: NTV / Prepared by Irem Yildiz

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