ANKARA, June 2 (Xinhua) -- Trkiye cut gasoline and diesel prices from midnight on Tuesday after global oil prices somewhat eased on expectations of a potential deal between the United States and Iran.
Gasoline prices were reduced by 1.38 lira (0.030 U.S. dollars) per liter, while diesel prices fell by 1.81 lira per liter, according to Turkish news portal Haberler.com.
Brent crude futures, the global oil benchmark, were down to around 94.40 dollars a barrel, the lowest level in two weeks, as investors continued to assess uncertainty surrounding U.S.-Iran peace negotiations.
Trkiye introduced a sliding-scale tax system in early March to mitigate the impact of fuel price volatility triggered by geopolitical tensions following the outbreak of the war in Iran in late February.
While the temporary measure has provided some relief for consumers, elevated energy costs have continued to fuel inflationary pressures in a country that has grappled with high inflation for nearly a decade.
Annual inflation currently stands above 32 percent, and in May the central bank had to revise its year-end targets upward, citing heightened geopolitical uncertainty.
Fuel prices have fluctuated since the onset of the Middle East crisis, driven by shifts in global oil markets. Despite the recent cuts, gasoline and diesel prices remain significantly higher across the country.
