The diesel fuel (Eco Force) price at Opet stations on the European side of Istanbul climbed to Turkish lira (TRY) 25.98 ($1.43) per litre on August 24, up 258% y/y, from TRY 22.36 on August 9, according to data provided by Opet (chart).
In the same period, the gasoline price was relatively stable. It stood at TRY 21.15 ($1.16) on August 24, up 173% y/y, compared to TRY 20.04 on August 9.
As of August 26, the diesel price will increase by an additional TRY 0.87, media reports suggested on August 25.
The record diesel price of TRY 29.94 was registered between June 16 and June 27. The record gasoline price of TRY 28.46 was seen on June 13. Diesel's annual price increase topped 316% and gasoline's exceeded 269% at the price peaks.
The diesel crack margin fell to $38 per barrel in July from $54 in June but remained substantially higher than the $12 registered in February. The gasoline margin, meanwhile, fell to $26 in July from $44 in June but remained distinctly higher than the $13 seen in March.
As of August 25, the diesel differential stood at $57 and the gasoline differential stood at $17.
The average gasoline price in the US was up 23% y/y to $3.88 per gallon ($1.02 per litre). A record $5.02 was registered on June 14.
According to data from the Petroleum Industry Foundation of Turkey (PETDER), gasoline sales in Turkey declined by 3% to 3mn cubic metres (m3) in 2020, while diesel sales were flat at 30mn m3 and autogas (automotive LPG) sales were down 9% y/y to 3mn tonnes.