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The coronavirus outbreak has dramatically reduced the demand for oil and fuel. Daily demand for oil is estimated to have decreased by 30 million barrels. Fuel demand has also declined as billions of people worldwide have not left their homes unless it is required. The drop in demand caused the drop in both oil and fuel prices.
Gasoline and diesel prices in the domestic market in Turkey take into account the following three elements:
– The price of the product (tons of gasoline and its engine) formed in international markets.
– Refinery, distributor and distributor margin,
Tax consisting of the sum of VAT and SCT.
In early 2020, the tone of gasoline and engine ranged from $ 600 to $ 650. Prices declined rapidly after the coronavirus outbreak. The tone dropped to $ 201 for gasoline and $ 202 for his engine. During this period, the ton of gasoline saw $ 140. Diesel also fell below $ 200.
CHEAP MOTOR MOVEMENT
Fuel distribution companies in Turkey (which owned or leased) stores (102 in total licensed storage capacity of 5.2 million cubic meters) filled with cheap diesel. Of this amount, he indicated that Turkey’s diesel consumption to be equal to several months.
It is recorded that there is a small amount of gasoline. The Mediterranean and Marmara regions have 77 percent of the total storage capacity. Refineries also stored between 7 and 8 million cubic meters of oil in the same period.
The industry has a LPG storage capacity of 0.7 million cubic meters.
Turkey, roughly the annual level of 31 billion liters of fuel consumed. 28 billion cubic meters of this is diesel, the rest is gasoline. Distribution companies consider it more rational to store this product, since there is a great demand for its motor and an important part of it is imported.
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