June 3, 2020 / 12:53 PM / a month ago

Turkey's energy regulator head says companies to lower profit margins on fuel prices

ISTANBUL, June 3 (Reuters) - Head of Turkey’s energy regulator (EPDK) said on Wednesday that fuel prices will be lowered by 0.17 to 0.25 lira ($0.0370) and that the cuts would come from distribution companies’ profit margins, a day after he said price margins were too high.

Mustafa Yilmaz said in a statement that the regulator had discussed the price cut with fuel distribution companies, adding that the cut was independent of movements in global oil prices and exchange rates. The price cuts will come into effect Wednesday night, he said. ($1 = 6.7512 liras) (Reporting by Orhan Coskun Writing by Ali Kucukgocmen Editing by Ezgi Erkoyun)

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