08.04.2026 10:40
After the declared temporary ceasefire between the USA, Israel, and Iran, oil prices have sharply declined, leading to expectations of a reduction of over 10 lira in gasoline and diesel prices in Turkey.
With the war between the US-Israel and Iran, oil prices, which have been on an upward trend since February 28, sharply declined with the announcement of a temporary ceasefire yesterday. The parties' agreement and the expectation that the Strait of Hormuz will be reopened changed the direction of the markets.
Following the US's harsh threats against Iran and possible large-scale attack plans, negotiations gained momentum and yielded results. The three countries declared a temporary ceasefire, reshaping the balances in energy markets.
SHARP DROP IN OIL PRICES
The expectation that the Strait of Hormuz will be reopened and oil shipments will begin led to a drop of over 10% in oil prices. Prices, which had been rising for a long time due to supply concerns, quickly moved downward with the ceasefire, and Brent crude fell to the $90 level.
FIRST TRANSIT FROM HORMUZ COMPLETED
After the ceasefire, activity in the Strait of Hormuz resumed. Malaysia-based energy company Petronas announced that a tanker it chartered has passed through the strait and is on its way to its refinery in Johor.
According to Bloomberg News, the tanker in question is carrying Iraqi crude oil and is currently located in the Gulf of Oman. The company stated that the ship was chartered by Petronas's trading arm, Petco.
Officials announced that this ship is one of seven Malaysian tankers that received permission to transit through the Strait of Hormuz and will not be subject to the transit fee imposed by Iran.
DOUBLE DISCOUNT ON FUEL IS ON THE WAY
The sharp drop in oil prices is expected to reflect on fuel prices in Turkey as well. Sector sources indicated that based on data that will become clear during the day, there is a possibility of a discount of over 10 lira on gasoline and diesel.
Due to the Eşel mobil system, the discount on diesel is expected to be directly reflected at the pump, while it was stated that 75% of the discount on gasoline will go to the special consumption tax (ÖTV), and the remaining 25% will be reflected as a price reduction.
Officials emphasized that the discount will become clear with the opening of the Italian market.
CURRENT FUEL PRICES
In Istanbul, gasoline is sold at 63.25 TL, diesel at 85.29 TL, and LPG at 34.99 TL. In Ankara, gasoline is at 64.22 TL, diesel at 86.42 TL, and LPG at 34.87 TL. In Izmir, gasoline is at 64.50 TL, diesel at 86.70 TL, and LPG at 34.79 TL.