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Oil prices have fallen, will there be discounts on gasoline and diesel?

Oil prices are down 9 percent this week. There were two discounts on gasoline the previous day and today. There was a discount on the engine on Tuesday. Citizens are wondering if there will be new discounts next week.

While the risk of recession caused pressure on commodity prices, the price of Brent oil per barrel decreased by 9 percent in the last week to $ 87.6.

The weekly loss of West Texas oil, which is the benchmark price for the USA, reached 10 percent and the price of a barrel of oil decreased to $ 80.1. This decline was the sharpest on a weekly basis since March.

Thus, oil prices in the USA fell 14 percent below the peak seen after the production cut in October by the Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russia.

The British Financial Times newspaper wrote that the weakening of fuel demand in China outweighed the concerns that Russia’s oil supply might decrease due to new sanctions, and that this development was effective in the decline in oil prices.

While the war, sanctions and decisions to reduce production by OPEC+ put upward pressure on oil prices, the signs of slowdown and recession in the global economy create downward pressure. The monetary tightening steps taken by the central banks, especially the US Federal Reserve (Fed), despite the recession risk, also have a reducing effect on oil prices.

IS THE DISCOUNT COMING?

With the effect of the drop in oil prices, the liter price of gasoline was reduced by 77 cents on Thursday, November 17 and by 75 cents on Saturday, November 19th.

With the two discounts, the liter price of gasoline decreased to approximately 21.19 TL in Istanbul, 21.35 TL in Ankara and 21.36 TL in İzmir.

On Tuesday, November 15, a discount of 1 lira and 54 cents came to diesel, and the liter price decreased to approximately 24.79 TL in Istanbul, 24.92 TL in Ankara, and 24.96 TL in İzmir.

Industry sources said that according to the course of prices, discounts may be on the agenda on Tuesday and Wednesday next week, but market prices on Monday should be seen.

SANCTIONS ON RUSSIAN OIL

Within the scope of the 6th sanctions package approved by the EU in July, it was decided to cut off the supply of crude oil from Russia by 5 December, and the refined product supply as of 5 February.

Within the scope of the 8th sanctions package, which was accepted last month and included a ceiling price on Russia’s oil sales, additional restrictions were imposed on the transportation of crude oil and petroleum products from Russia to third countries by sea.

Source From: Sozcu

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