Discounts on gasoline and diesel are coming. Market analysts report that reductions of up to 40 kuruş per liter are expected for both gasoline and diesel. After a long OPEC meeting in Vienna failed to reach agreement on additional production cuts, oil prices plunged sharply. As a result, experts expect average fuel price cuts of up to 40 kuruş to take effect during the night transitioning from Tuesday, March 10, 2020, to Wednesday, March 11, 2020.
According to reports, the Organization of the Petroleum Exporting Countries (OPEC) and several non‑OPEC oil producers were unable to reach an agreement, prompting Saudi Arabia to lower contract prices for April 2020 by $8 per barrel. Following that move, Brent crude fell to about $31.38 per barrel on international markets.
Expect Up to 40 Kuruş Reduction for Gasoline and Diesel
Experts say the price war between Saudi Arabia and Russia, combined with declining demand amid the coronavirus outbreak, has driven a significant drop in oil prices. That fall is expected to translate into substantial discounts in domestic fuel prices.
Market analysts note that the large reductions seen in opening prices abroad will likely allow fuel retailers to reduce pump prices. If implemented, the reductions are expected to be applied after midnight on the night between March 10 and March 11, 2020, resulting in average decreases of around 40 kuruş per liter for both gasoline and diesel.