World oil is getting cheaper, while fuel prices in the TRNC are frozen

While global Brent crude prices have fallen by nearly 35% (from $118.99 to $72.86 per barrel), retail fuel prices at gas stations in Northern Cyprus remain at peak levels. While fuel prices at gas stations in Turkey are regularly reduced, the TRNC Ministry of Economy has not changed tariffs for 13 weeks, causing residents to overpay about 596 million lira. This was stated by the chair of the HP energy committee, Yusuf Avcıoğlu.

The politician explained this as a hidden tax maneuver by the authorities. According to data from Resmi Gazete, as oil became cheaper, the government secretly increased contributions to the Price Adjustment Fund (FİF) to cover the budget deficit. The tax on 95-octane gasoline rose from 5.73 to 8.00 lira, on euro diesel from 1.94 to 4.17 lira, and on kerosene from 68 kuruş to 14.50 lira. As a result, prices for gasoline (61.12 TL), euro diesel (60.00 TL) and kerosene (71.43 TL) remained unchanged. Avcıoğlu demanded an immediate end to this practice, saying that citizens should not be made to sponsor holes in the treasury.