Increases in the average price of 95 octane petrol were observed in Limassol, Nicosia, and Famagusta after the subsidy of 8.3 cents per liter was abolished on April 1st. The largest increase was in Limassol at 9.2 cents, while in Paphos, the increase was only 8 cents. Nicosia had the highest price variation for 95 octane petrol on April 1st.
Fact: Russia’s central bank considered keeping its key rate unchanged at 16 per cent at the March meeting.
President Tayyip Erdogan acknowledged his party’s defeat in Turkey’s local elections, which was attributed to economic issues and a divisive political style. The opposition party, CHP, won the popular vote for the first time in decades and secured victories in major cities. Erdogan vowed to correct any mistakes made and address the economic challenges faced by voters, as the Turkish lira hit a record low. The opposition’s success was seen as a turning point in Turkish politics, with Istanbul Mayor Ekrem Imamoglu emerging as a strong rival to Erdogan.
The government’s termination of the zero tax rate on motor oil and petrol has led to an increase in fuel prices by 8.3 cents/litre, affecting citizens’ transportation and the retail sector. A green tax is expected to be imposed in October-November, further increasing fuel prices. The international Brent price is currently around per barrel, indicating that prices are unlikely to decrease soon. The average price of unleaded petrol in the EU-19 as of March 25 was €1,813.10, showing an increase of 1.05% from the previous week.
Istanbul Mayor Ekrem Imamoglu led a challenger from President Tayyip Erdogan’s AK Party in local elections, potentially boosting the Turkish opposition. In Ankara, incumbent opposition mayor Mansur Yavas declared victory over his AK Party challenger. Violence erupted in some cities in eastern Turkey related to the election of neighborhood officials. Imamoglu had 50% support compared to 41.26% for AK Party challenger Murat Kurum. The CHP is leading nationwide by almost 39% of the votes. Analysts suggest that a poor showing for AKP could loosen Erdogan’s control of Turkey. Imamoglu’s win could signal potential change in Turkey’s political landscape.
Global smartphone shipments are expected to rebound 3 per cent this year as easing inflation aids a demand recovery in emerging markets and the integration of generative AI attracts buyers to premium devices.
– Several high-profile, regressive tax cuts are making their way through state legislatures in Kansas, Missouri, Nebraska, and Vermont.
– In Kansas, the House passed cuts to income, sales, and property taxes, with more than half of the benefits flowing to the state’s top 20 percent of earners.
– Missouri’s House passed a bill to fully eliminate the state’s corporate income tax by 2028, despite its 0 million annual revenue loss.
– Nebraska lawmakers are considering raising the state’s sales tax to fund property tax cuts.
– Vermont’s House Ways and Means Committee approved bills to generate 0 million by taxing wealthy households and corporations.
Increased traffic was observed at petrol stations on Saturday ahead of the termination of the measure to reduce the special consumption tax from Monday, 1st April.
The AKEL party criticized the government for not implementing effective measures against inflation and for refusing to implement a social support package despite having increased state revenues. The party also accused Mr. Christodoulides of prioritizing big economic interests over the state’s finances by not taxing windfall profits of banks and energy companies as previously promised during the election campaign.
Fact: There has been a surge of migrant workers leaving Russia for Tajikistan after a concert hall attack near Moscow left dozens dead.