Turkey sets ceiling on petrol prices, cuts costs for consumers

Turkish regulators set an upper limit on the price that energy firms can charge for petrol, reducing costs for consumers over the next two months, Dünya newspaper reported.

The energy market regulator (EPDK) held an emergency meeting on Wednesday to introduce the measures after investigating the prices charged by retailers, Dünya said.

Turkey’s government announced a new economic programme on Friday designed to help spur economic growth and to rein in inflation of 15.6 percent. Oil prices across the globe have risen this year and impact inflation in net importers of crude such as Turkey in particular. The country imports almost all the oil and natural gas that it consumes.

“We expect sales at prices below the ceiling,” the EPDK said.

The new price limits will result in a reduction in the cost of gasoline of between 17 and 20 kuruş, Dünya said.

The ceiling has been introduced to prevent profiteering, ensure fair competition and to protect consumers, the EPDK said.

“We can never be indifferent to manipulations that disrupt the structure of the free market among consumer groups,” said Mustafa Yılmaz, head of the EPDK. “For the healthy functioning of our markets, we have not hesitated in using our legal powers.”

Retailers will be investigated should they fail to comply with the measure, the regulator said, according to Dünya.