President Erdoğan Announces Major Fuel Price Cut! According to breaking news from President Erdoğan, a substantial reduction in fuel prices has been announced. In his statement, Erdoğan noted that the coronavirus-related volatility in the oil market has driven Brent crude prices down by nearly 30%. He said this decline will be reflected in fuel prices across Turkey. The President announced that, effective tonight — March 11 at 00:01 — gasoline will be reduced by 60 kuruş per liter and diesel by 55 kuruş per liter.
Speaking to reporters on his return from a trip, President Erdoğan emphasized the importance of the drop in Brent crude prices for Turkey. He described the reduction as “a development that positively affects our current account deficit.” He reiterated that, starting tonight, the cuts will be applied: 60 kuruş off gasoline and 55 kuruş off diesel.
What President Erdoğan Said About Oil Prices
President Erdoğan commented on the decline in oil prices, explaining that Brent crude has fallen by almost 30 percent per barrel. In absolute terms, this represents a drop of about 31 dollars per barrel. While he characterized such a sharp fall as disastrous for OPEC countries, he said it is a distinctly positive development for Turkey, helping to improve the country’s current account balance.
When asked whether this could lead to a recession, he replied, “We hope not.” He stressed that the Ministry of Treasury and Finance, along with the Ministry of Trade, has taken all necessary measures. Erdoğan added that the overall direction of developments is positive and that falling interest rates are moving in the right direction, indicating that policy actions are working. He also noted that the improvement supports investment and is expected to stimulate employment. Such shifts, he said, are of great importance for Turkey.