May 27, 2012
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Gas prices to reflect three-week oil rally
24 February 2010 / TODAY’S ZAMAN, İSTANBUL
A three-week rally in oil prices has finally hit Turkish consumers in the pocketbook as oil reached $80 per barrel and led to a Kr 8 increase in prices at the pump for Turkey’s consumers.
Gas prices increased by Kr 8 to reach TL 3.69 per liter for 95 octane unleaded fuel and TL 3.72 for 98 octane, though competition and regional price differences may lead to price variations at the pump.
Oil has jumped from $69.59 a barrel on Feb. 5 on investor optimism that the global economy will rebound strongly from last year’s recession. Yet growing inventories of crude, gasoline and diesel suggest that demand in the US remains weak. Oil prices retreated below $80 a barrel Tuesday in Asia as investors mulled whether sluggish US crude demand justified a 14 percent increase over the last three weeks.
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