Fuel Price Adjustment: Reduction in Motorin Tax

The ongoing tension in the global oil market has led to an increase in fuel prices. The Ministry of Treasury and Finance has taken a step to mitigate this by deciding to reduce the Special Consumption Tax (ÖTV) on motorin.The conflict between Iran and the US is affecting oil transportation through the Strait of Hormuz, leading to fluctuations in energy prices and causing the Brent oil price to reach the $90 threshold.The uncertainty in the Strait of Hormuz is also impacting fuel prices. The Ministry of Treasury and Finance has decided to intervene in motorin prices in response to these developments.The Ministry had previously implemented the escalator-mobile system to regulate fuel prices and protect consumers. According to the information obtained, the regulation to reduce the ÖTV on motorin has been completed. The regulation is expected to be published in the Official Gazette and come into effect.