Gasoline and diesel prices in Turkey were set to rise for the third consecutive day on Friday, in a hike that will send prices to historic highs.

Global oil and natural gas prices climbed this week to their highest level in more than a decade with geopolitical risks surrounding the major oil producer Russia’s war against Ukraine.

Brent oil, which was literally worthless at the beginning of the pandemic two years ago, has now almost surpassed $120 per barrel.

Turkey is affected even more by global prices due to its energy dependence and exchange rate volatility.

The Turkish lira weakened 0.7% against the United States dollar on Friday and traded at 14.1474 against the United States dollar as of 9:30 a.m. local time (6:30 a.m. GMT), from 14.1220 at Thursday's close.

After discounts of TL 0.23 for gasoline and TL 0.96 for diesel on the first day of this week, the prices were hiked for two days straight.

On Wednesday, March 2, a TL 1.51 increase was made for diesel and a TL 0.88 for gasoline. Later on Thursday, gasoline was increased by TL 0.53 and diesel by TL 1.33.

According to industry sources, a TL 0.69 increase in gasoline and a TL 0.84 increase in diesel fuel was expected to kick in at midnight on Friday.

After these price hikes, normal gasoline will cost TL 18.77 per liter and gasoline with additives TL 18.90 per liter. Normal diesel will increase to TL 19.85 per liter while diesel with additives will cost TL 19.88 per liter.

Gasoline and diesel prices will thus break all records.

Energy prices have been on the rise since world economies have been recovering from the coronavirus pandemic, with global demand climbing but crude supply falling behind.

Brent crude price soared to $119.78 Thursday – its highest since May 2, 2012.

The international oil benchmark increased more than 23% in the last week, while it gained 54% since the start of 2022.

U.S. West Texas Intermediate (WTI) jumped to $116.50 – its highest since Sept. 2, 2008.

The American oil benchmark WTI gained almost 55% year-to-date.

Crude prices plummeted during the early months of the pandemic, as mandatory quarantine measures around the world lowered global oil demand to historically low levels.

Since then, the price of Brent crude soared almost 650% when it had stood at $15.98 on April 22, 2020.

WTI price skyrocketed more than 1,090% since it had fallen to $10.07 on April 28, 2020.

The price of WTI had fallen into negative territory during April 20-21 of that year as storing crude was more costly than its sale.