Fuel prices increased by 300 percent in one year

The price of fuel in North Cyprus in the last year, has increased by a staggering 300 percent.

In an article published by Yeniduzen, it says according to calculations, a motorist who purchased 200 TL worth of 95 octane unleaded petrol last May would have been able to travel a distance of 400 kilometres; by comparison, at today’s prices a motorist would only be able to travel between 100-110 kilometres.

According to the Vice President of the Petroleum Association Ertan Fidan, if VAT and FIF were not levied, the price of fuel could be reduced by 3.11 TL per litre.

Elsewhere, a former official at the Ministry of Finance and Economy, Erkan Okandan stated that fuel prices had increased by between 15-20 percent worldwide and by 300 percent in North Cyprus.

Yeniduzen provides a list comparing fuel prices per litre between May 2021 and May 2022 as follows:

May 2021: 95 octane unleaded – 6.51 TL, 98 octane unleaded – 6.64 TL, Eurodiesel – 6.04 TL and paraffin – 5.95 TL.

May 2022: 95 octane unleaded – 23.54 TL, 98 octane unleaded – 23.81 TL, Eurodiesel – 22.19 TL and paraffin – 21.59 TL.

Yeniduzen, LGC news