EPDK introduces price ceilings, fuel to fall sharply

Turkey's Energy Market Regulatory Board (EPDK) introduced price ceilings for the petroleum market late Thursday evening. According to an announcement posted on the EPDK's Web site, 95-octane fuel is expected to be fixed at a maximum of TL 3.04 per liter, while diesel fuel will be priced at a maximum of TL 2.49 after the decision was issued in the Official Gazette. (1 USD is currently equal to TL 1.54.) The new method of calculation will be indexed to the price of a barrel of oil. If the price of oil decreases in international markets, the prices here will decrease at the same rate. The same principle will be applied if the price of oil increases. The EPDK has warned distribution companies that if they fail to implement satisfactory price reductions within 20 days, the EPDK will intervene. Fending off criticism that setting... [read full story]                    

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