Oil prices in Turkey reach record high

Oil prices in Turkey reach record high

ISTANBUL- Hürriyet Daily News
Oil prices in Turkey reach record high

The gasoline prices in Turkey saw another hike over the weekend, which put the country on the top of a list of most expensive gas consumers above the former leader Norway. DHA photo

Turkey has become the country that consumes the most expensive gasoline in the world thanks to successive price hikes, the latest of which was over the weekend.

One liter of gasoline sell for 4.83 Turkish Liras (2.08 Euros), following the 9 kuruş rise that took place last Saturday.

The previous price hike was on Sept. 22 with a 26 kuruş rise due to the increase in the special consumption tax (SCT).

The government introduced the hike to try to close the budget deficit.

Prior to the price hike the most expensive gasoline was sold in Norway. The Nordic country is among the richest countries in the world with an average income of about $100,000 annual per capita, while Turkey’s average income is just $10,000.

One liter of gasoline in Norway sells for 2.08 euros. Gasoline prices in Greece, Italy and Spain - peripheral countries of the euro zone which are currently in the grip of financial crises - are also lower than prices in Turkey.

The economy administration is set to announce a rise in natural gas this week, the leading source of electricity power, with the Energy Ministry saying that it cannot compensate recent hikes in the global markets. Natural gas is also a leading heating fuel in most of the big cities in the county.