Geopolitical activity in global energy markets and exchange rate fluctuations continue to increase the upward pressure on fuel pump prices. Immediately after the gasoline increase that came into force today (July 15), drivers will be greeted by a new double wave of increases as of Friday, according to the latest information obtained from industry sources.
According to information received from industry representatives, a large increase in signboard prices is expected to be effective as of Friday. With the new regulation that will force drivers:
These sharp price increases in the country are shown as a direct result of the risks in international supply chains and the volatility in crude oil prices. Tensions flared up again in the Middle East with the end of the ceasefire between the USA and Iran, pushing the barrel price of oil to the peak of the last month. The re-stop of ship traffic in the Strait of Hormuz, one of the most critical transit points of global oil trade, triggered the global supply crisis. Following these global events, domestic fuel prices inevitably faced a wave of increases once again.