Turkey's energy watchdog will have the right to apply price-ceiling and -floor for liquefied petroleum gas, LPG, products, the official gazette announced late Tuesday.
Turkey's Energy Market Regulatory Authority, EMRA, will be responsible for regulating the minimum and maximum prices for LPG to prevent any disorderly actions and violations of the free market rate when deemed necessary. Regulated price for LPG will be valid for a maximum of two months’ time period, according to the new directive.
EMRA already has the right to regulate the maximum prices for gasoline and fuel oil if the prices are not in line with the international market rates.
More than 4 million automobile owners -- around 41,4 percent-- in Turkey prefer liquefied petroleum gas (LPG) over gasoline for fuel.
LPG is widely preferred in Turkey because of its price advantages. Gasoline and diesel fuels have levied taxes making these fuels less preferable. Turkish consumers use one of the most expensive gasoline and diesel compared to rest of the world.
By Nuran Erkul