Gasoline prices dropped by 0.12 lira per liter on Tuesday after Turkey's energy watchdog warned gasoline retailers in the country.
In Ankara and Izmir, 95-octane unleaded gasoline will be sold at 4.60-4.61 liras, and between 4.58-4.59 liras in Istanbul.
This will be the third price cut after a 0.10 and 0.08 lira per liter discount on October 16 and 18 respectively.
On Monday, the Turkish Energy Market Regulatory Board asked retailers to adjust their profit margins according to the legal regulations.
Falling oil prices across the world are bringing down gas prices for oil-dependent countries like Turkey and their consumers.
Brent crude oil price, the global benchmark for oil prices, has fallen almost $40 per barrel in the last five months from $115.67 in June to $76.74 in November - the lowest in four years - due to global demand concerns and geopolitical developments.
Turkey brought in $56 billion worth of energy imports in 2013, and $37 billion in the first eight months of 2014, according to the Turkish Statistical Institute.