The decline of global oil prices does not reflected on domestic markets

In the period when oil prices went above 100 dollars and reached 120 dollars, fuel prices, which were based on 30 Turkish Liras (TL), did not decrease as expected, although oil prices decreased to 81 dollars.

In this decline, there are concerns about the Chinese economy, which is the world's second largest economy and the world's largest oil importer. 

PROTESTS IN CHINA ARE EFFECTIVE ON PRICE DOWN 

While China persistently maintains its "zero case" strategy, the record increase in the number of cases raises concerns about the country's economic growth. While all these developments increase the risk of economic slowdown, they also affect oil prices downwards. Protests across the country in China against the "zero case" strategy are also effective in the price down. 

SANCTIONS TO VENEZUELA EASES OFF

Another development that brought oil prices down is the US easing sanctions against Venezuela, the country with the world's largest oil reserves. The relaxation of the embargo accelerated the decline in oil prices. 

OIL PRICES HAVE BEEN DECREASING IN LAST MONTHS 

Although global oil prices experienced a sharp decline, its reflection on the domestic market is still limited. While pump prices were seen rising up to 30 Turkish Liras (TL) in fuel oil in this year, the price of oil saw 120 dollars during the year. The oil price loosened during the year, first falling below $100, and nowadays it has reached the band of $80. Fuel prices are around 24 TL for diesel and 20 TL for gasoline. The expectation of the citizens stands out as the expected big reductions in pump prices, despite the constantly decreasing oil prices in recent months.