Devaluation of Turkish lira unleashes hikes of fuel prices in Syria’s Idlib

IDLIB, Syria (North Press) – For the second time in a week, prices of oil derivatives increased in areas northwest Syria. The massive depreciation of the Turkish lira (TRY) against the US Dollar (USD) is the main reason behind the hikes of prices, according to analysts.

According to Lira website, 10 TRY = $1, while 1 TRY = 353 SYP.

On Saturday, Watad Petroleum company, run by Hayat Tahrir al-Sham (HTS), increased the prices of fuel in areas northwest Syria for the second time in a week.

One liter of top-tier imported gasoline has come up to 8.46 TRY (2,900 SYP) and one liter of top-tier imported diesel costs 8.51 TRY (2,800 SYP).  

One liter of second quality diesel has come up to 6,21 TRY (2,200 SYP) and one liter of first filtered diesel has come up to 5,15 TRY (1,800 SYP).

The prices of one gas cylinder surged to 122,5 TRY (34,000 SYP). 

Watad Petroleum company, set up two years ago by the Salvation Government (the civil wing of HTS), monopolizes the fuels imported to Idlib city.

On November 6, Watad Petroleum increased the prices of oil derivatives in northwest Syria shortly after it had already surged their prices, a move that caused a widespread public contempt and rage.

The hikes in prices is because the Turkish lira tumbled against the USD, the company claimed.

Reporting by Bara’ al-Shami