The upward trajectory in the price of gasoline is causing headaches for Turkish drivers, while the unstoppable decline of the Turkish pound is causing shocks in the country’s economy, which relies heavily on imports.
The price of gasoline increased by 2.18 pounds (0.12 euros) yesterday Saturday to 28.5 pounds (1.58 euros) per liter on average, according to the newspaper Birgun, reflecting an increase of 268% in comparison with the corresponding period last year.
At the same time, the Turkish national currency is moving at full speed towards the historic low of last December, when the exchange rate reached 18 Turkish lira per euro. The dramatic devaluation of the Turkish pound is combined with galloping inflation, which hit a 24-year high in May, suffocating the country’s economy.
Turkish President Recep Tayyip Erdogan announced last week that he would further cut interest rates, despite inflation soaring to 73%.
Source: AMPE
Source: Capital
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