ANKARA
Turkish gasoline prices dropped by 0.6 to 0.7 liras per liter at midnight on Tuesday, according to energy sources.
In Ankara 95-octane unleaded gasoline will be sold between 4.39 and 4.41 liras per liter, between 4.37 and 4.40 liras in Istanbul and the price in Izmir dropped to between 4.40 to 4.41 liras.
This will be the fourth price cut after a 0.12 lira per liter discount on November 18.
Turkey's energy market expects that gasoline prices will decrease further in the upcoming period, Mustafa Yilmaz, president of Turkey's energy regulating authority, EMRA, said last month.
"Cheap gasoline does not mean poor quality. Turkey's gasoline standards are equal to European standards," said Yilmaz, adding that drivers would prefer to buy cheaper gasoline for transportation.
Falling oil prices across the world are bringing down gas prices for oil-dependent countries like Turkey and their consumers.
Brent crude oil price, the global benchmark for oil prices, has fallen almost $50 per barrel in the last five months from $115.67 in June to $65 on Tuesday, Dec. 9 -- the lowest in four years -- due to global demand concerns and geopolitical developments.
Turkey, a net importer of oil, brought in $56 billion worth of energy imports in 2013, and $37 billion in the first eight months of 2014, according to the Turkish Statistical Institute.
EMRA, the top energy regulating authority, established in 2001, has a core responsibility to regulate energy, oil, natural gas, electricity, and petroleum and LPG markets in Turkey. It also gives licenses for oil, gas, solar and wind energy companies in the country.
1 U.S. dollar equals to 2.2637 Turkish lira.
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