Turkish consumers were hit by yet another hike in gasoline prices on Wednesday as unrest in Organization of Petroleum Exporting Countries (OPEC) member Libya pushed oil prices higher.
With the latest increase of Kr 8-9, the price of 95 octane unleaded gasoline reached TL 4.02 per liter, while a liter of 97 octane unleaded gasoline jumped to TL 4.17.
The price of gasoline shows slight differences since private oil distributors offered different prices. For instance, the price of 95 octane unleaded gasoline increased to TL 4.03 if you are buying from a Shell or BP gas station in İstanbul, while Opet sells the same type of gasoline for TL 4.04 per liter.
A recent Parliament study shows that Turkey has higher fuel prices than all European Union member states, Turkey has the highest fuel prices amongst all. At a cost of 1.90 euros per liter, Turkey leads price charts among EU members, followed by Greece with 1.58 euros, the Netherlands with 1.56 euros and Denmark with 1.50 euros.
World stock markets extended losses Wednesday as the unrest in Libya sent traders off in search of safer investments. Oil prices soared to fresh two-year highs near $96 a barrel amid concerns that the violent power struggle in Libya could disrupt crude supplies. Benchmark crude for April delivery was up 75 cents at $96.17 a barrel -- the highest since October 2008 -- in electronic trading on the New York Mercantile Exchange (NYMEX).
Meanwhile, Energy and Natural Resources Minister Taner Yıldız said on Wednesday in the Saudi Arabian capital of Riyadh that he met with the energy ministers of 10 countries “to discuss possible measures to avoid further increases in oil prices in global markets.”