Fuel Supply in the Country Secure, Moderate Price Adjustment May Be Considered

Commenting on the impact of the Iran-Israel conflict on the fuel market, Çağdal said Brent crude oil prices have risen approximately 10–15% since the outbreak of the conflict, moving from $70 per barrel to $78, a level below market expectations.

“Some international sources suggest that, depending on the course of the conflict, crude oil prices could reach up to $150 per barrel. However, these scenarios are speculative, and current data do not support such a price increase. When it comes to refined products, there is no direct price correlation with crude oil. Currently, diesel and jet fuel are in highest demand, while gasoline faces relatively lower demand pressure,” Çağdal noted, emphasizing that KPET and Alpet continue to operate regularly in the country.

He stated that existing stocks are sufficient and that there is no anticipated difficulty in meeting demand. “We want to assure our citizens. There is no problem in fuel supply. I see absolutely no need for panic buying or hoarding,” he added.

“A MODERATE PRICE ADJUSTMENT MAY BE CONSIDERED”

Çağdal noted that the authority to set fuel pump prices belongs to the TRNC government and that, given current market conditions, a moderate price adjustment may be considered. He assured that any changes will be communicated to the public.

In his statement, he also compared regional pump prices, saying, “TRNC pump prices remain significantly more favorable for citizens compared to both the Republic of Cyprus and Turkey. This clearly demonstrates the protective function of our government’s fuel pricing policy. As the Union of Gas Stations, we continue to closely monitor developments in our region and maintain the highest level of coordination with industry and government stakeholders. We remind the public that they can contact our union for any concerns or questions.”