Tax & Spend
Turkey Hikes Fuel Tax by 200% to Finance Earthquake Damages
- Decision expected to boost inflation already at annual 38%
- Move comes after central bank started tightening cycle
Residents queue to fill containers with gasoline at a gas station amid scarce supplies after earthquakes, in Hatay, in February.
Photographer: Cansu Yıldıran/BloombergThis article is for subscribers only.
Turkey boosted its fuel taxes by almost 200% on Sunday, a move that will magnify inflationary pressures and further strain household budgets.
The new special consumption taxes on different types of fuel — including gasoline and diesel — were published in the Official Gazette.