Berova: Significant Subsidy from Price Stabilization Fund Amid Fuel Hikes
Finance Minister Özdemir Berova stated that despite adjustments to petrol and diesel prices, pump prices have continued to rise, and the government made substantial sacrifices from the Price Stabilization Fund to limit the impact on citizens.
Berova highlighted that in response to the recent fuel price hikes—5 TL for petrol and 6 TL for diesel, marking a total weekly increase of 10–12 TL—the Cabinet thoroughly evaluated the potential short-, medium-, and long-term impacts on the TRNC economy caused by the ongoing Israel–US–Iran developments affecting global markets.
Under the Fuel Price Determination Legislation, which requires weekly reassessment of fuel prices, Berova explained that the government’s primary goal is to minimize the financial burden on citizens despite extraordinary global market fluctuations.
“To mitigate the impact of unavoidable price adjustments, all resources of the Price Stabilization Fund have been mobilized,” Berova said, adding that the state has made significant concessions from the fund’s revenues to protect citizens.
He provided detailed figures showing the fund’s effect:
-
95-octane petrol: Fund contribution reduced from 9.11 TL to 2.67 TL (6.44 TL subsidy), yet the pump price reached 57.12 TL/litre.
-
98-octane petrol: Fund contribution reduced from 8.97 TL to 2.52 TL, with the pump price reaching 58.12 TL/litre.
-
Euro Diesel: Fund contribution of 1.10 TL was eliminated, yet the pump price was set at 56 TL/litre.
Berova concluded that despite exhausting all available measures, global energy cost increases necessitated the new fuel price adjustments.
Comments
Attention!
Sending all kinds of financial, legal, criminal, administrative responsibility content arising from illegal, threatening, disturbing, insulting and abusive, humiliating, humiliating, vulgar, obscene, immoral, damaging personal rights or similar content. It belongs to the Member / Members.