Ministry prepares diesel tax relief amid oil price rise
The Treasury and Finance Ministry has completed preparations to reduce the special consumption tax on diesel as it seeks to limit the domestic impact of rising global oil prices, according to information obtained by Hürriyet.
The measure is expected to be published in the Official Gazette and take effect overnight. The size of the proposed tax cut and its expected effect on pump prices have not yet been disclosed.
Brent crude traded near $90 a barrel on Aug. 12 as disruption in the Strait of Hormuz and stalled U.S.-Iran talks continued to pressure oil markets.
About one-fifth of global petroleum liquids consumption normally passes through the strait.
