Rise in gasoline prices increases demand for fuel additives

Rise in gasoline prices increases demand for fuel additives

General Manager of Nano BorX Aydın Baran. (Photo: Today's Zaman)

March 26, 2012, Monday/ 18:05:00

The rise in gasoline prices since the beginning of the new year has increased the demand for fuel additives such as motor oil, as consumers are looking for ways to save money.

Using additives such as motor oil, which is more economic than using gasoline alone, and lengthens motor life as compared to using just gas, is a method used by about 30 percent of drivers in European countries. This figure is only 0.02 percent in Turkey. The demand for motor oil has risen by 15 percent since the recent rise in gas prices, said representatives and CEO’s from leading Turkish motor oil companies, in an interview with Today’s Zaman on Sunday.

One Turkish motor oil company CEO, Uğur Özdoğan from Özdoğanlar Group, said that people started buying motor oil after the recent rise in gas prices as a way to save money on gasoline. The latest price hike in gasoline last week increased the company’s sales by 15 percent. “When we look at fuel additives companies, we see that sales of items to save money on gasoline are on the rise,” Özdoğan said. “We especially appeal to owners of car brands such as Volkswagen, Mercedes, Opel and Kia,” he added. Özdoğan noted that his company’s products are licensed by the Istanbul Technical University and local automotive manufacturer TOFAŞ and explained that motor oil make gasoline last 15 to 20 percent longer in automobiles and trucks. “The efficiency of gasoline also increases by 60 to 70 percent,” he said.

Aydın Baran, general manager of Nano BorX, a leading Turkish motor oil producer, said that high gasoline prices in Turkey and stated, “Considering the high cost of gasoline, the use of additives has become a popular method for reducing fuel costs.” Baran explained, “Additives decrease fuel consumption by about 2.3 percent. If we consider a car that consumes 7.7 liters of fuel every 100 kilometers, additives can decrease the amount of gasoline used to 7.53 liters.”

Baran said there are 21 main motor oil brands in Turkey. His company, Nano BorX, produces motor oil that includes boron and diamond powder as an additive. Such fuel additives are environmentally friendly. Other fuel additives include marine oil and industrial oil. Gasoline prices in Turkey rose a week ago on Tuesday for the third time since the beginning of the new year, irritating many Turkish consumers who now pay one of the highest costs for gasoline in the world. The rise has brought the pump price of a liter (nearly a quarter gallon) of 95-octane unleaded gasoline up to TL 4.62 from TL 4.55. The price of one liter of 97-octane unleaded gasoline is up to TL 4.73 from TL 4.62.

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