ISTANBUL, Oct. 17 (Xinhua) -- Türkiye on Tuesday raised diesel price amid the ongoing conflict between Israel and the Palestinian militant group Hamas.
The Turkish government, which reduced diesel price by 2.92 Turkish liras (0.10 U.S. dollars) on Oct. 7, announced its decision to lift the price by 2.23 (0.08 dollars) liras this time.
After the hike, in Istanbul, Türkiye's largest city, one liter of diesel fuel costs 39.61 liras (1.42 dollars). The gasoline price remains intact at 33.64 liras (1.21 dollars) per liter.
Experts say the financial instability may further deteriorate due to fears that Israel's expected ground offensive against Hamas in Gaza could spark a regional war.
Murat Tufan, an analyst with the Turkish broadcaster Ekoturk, said when oil prices soar all over the world in the coming period, gasoline prices in Türkiye will rocket, too.
"We are going through critical times full of geopolitical risks. There are conflicts between Palestine and Israel, Russia and Ukraine, and many other fundamental issues," Tufan told Xinhua.
"If these lead the oil prices to go even higher, we may see a 'rapid' increase in petrol (prices) in Türkiye due to the volatility of the Turkish liras against the dollar."
"Gasoline prices in Türkiye will further increase even if oil prices go down in the coming years as one dollar could be equal to over 40 liras in 2024," he said.
One dollar is trading at 27.90 liras on Tuesday morning. ■
