SHAFAQNA Türkiye – The Value Added Tax (VAT) hike comes close to fuel prices, which are skyrocketing due to the post-election dollar appreciation.
By a Presidential Decree, the decision to increase VAT on fuel products from 18 to 20 percent comes into force tonight.
Starting midnight today, the price of a liter of gasoline will rise by 40 cents, diesel by 38 cents and autogas (LPG) by 15 cents, according to industry sources.
SCT RISE WILL ALSO
The proposal, which would increase the Special Consumption Tax (SCT) on fuel products at the rate of producer inflation every 6 months, was submitted to Parliament earlier this week. Once the proposal becomes law, the SCT on fuel products will be raised.
In the first six months of 2023, producer inflation was 14.82 percent.
There is currently a fixed SCT of TL 2.5 per liter for petrol and TL 2.06 for diesel. An 18 percent VAT is also applied to this SCT.
Once the proposal becomes law in the coming days, the fixed excise tax per liter of petrol will rise to 2.9 Turkish liras. When VAT is added, there will be an increase of approximately 43 cents per liter of gasoline. On the agenda will be a 37 cent increase in the price of diesel fuel.
WHAT WILL THE NEW PRICES BE?
With today’s increase, the price per liter of petrol will rise to around TL 26.65 in Istanbul, TL 27.13 in Ankara and TL 27.16 in Izmir.
With the increase, the price per liter of diesel will increase to around TL 25.20 in Istanbul, TL 25.67 in Ankara and TL 25.79 in Izmir.
On Election Day, 14 May, the price of a liter in Istanbul was 19.81 Turkish Lira for petrol and 18.58 Turkish Lira for diesel. With today’s boost, the growth rate for the last 2 months after the election will be 34.5 percent for gasoline and 35.6 percent for diesel.
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