Türkiye canceled the fuel price increases scheduled to take effect on August 12, 2026. The planned hikes included ₺1.50 per liter for gasoline and ₺5.13 per liter for diesel.
Rising Brent crude prices approaching $90 a barrel and widening refining margins initially prompted the price adjustments. Turkish media reported the reversal late on August 11, though officials provided no reason for the decision.
Tupras, the nation's largest refiner, recorded a 64% increase in diesel margins during July. Gasoline margins for the company rose by 40% compared to the previous month. This development significantly affects the Turkish economy and the Tupras financial outlook.