In order to alleviate the issue of the lira weakness and rising oil prices, Turkish Government announced that it will lower the special consumption tax level, thus offsetting any possible fuel price hikes due to aforementioned factors.
According to the announcement, the special consumption taxes on any fuel products will be lowered in case of any increases in these prices due to an increase in oil prices and a loss in the lira. A recent increase in global oil prices and an ongoing decrease in the lira have put an additional pressure over the country’s inflation rate by hiking transport costs.
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