Fuel Prices Unlikely to Normalize Soon, Says Petrol Ofisi CEO

Fuel prices are unlikely to return to normal levels in the near term as Middle East tensions continue to disrupt global supply chains, according to Petrol Ofisi CEO Mehmet Abbasoğlu. While Türkiye is not expected to face immediate shortages, rising costs and supply constraints could sustain inflationary pressures.

Middle East Tensions Threaten Global Supply

Mehmet Abbasoğlu, CEO of Petrol Ofisi and head of PETDER, warned that ongoing geopolitical tensions in the Middle East pose significant risks to global fuel supply.

Speaking to CNBC-e, Abbasoğlu said that unless a full ceasefire is achieved, disruptions in global energy logistics could intensify.

“If a ceasefire is not fully secured, we will face serious challenges on the global supply side,” he noted.

Refinery Attacks Deepen Supply Constraints

Abbasoğlu emphasized that attacks on refineries have already caused a substantial contraction in fuel supply, contributing to shortages on a global scale.

He pointed out that the disruption is particularly acute in refined products, including jet fuel, where supply imbalances are becoming more visible.

Recovery Could Take At Least One Year

Highlighting structural constraints, Abbasoğlu stated that restoring global refining capacity to pre-crisis levels could take at least one year.

The situation remains closely tied to developments in the Strait of Hormuz, a critical artery for global oil shipments.

“Even if the Strait reopens immediately, oil supply will not normalize quickly,” he said.

Export Demand Trends: Geopolitical Risks Weigh on Market Resilience

Türkiye Supply Seen Stable Despite Risks

Despite mounting global risks, Abbasoğlu expressed confidence that Türkiye will avoid major fuel shortages in the near term.

However, he cautioned that supply security is being prioritized over cost efficiency.

“Wherever we find a fuel cargo, we buy it regardless of price,” he said, underlining the company’s strategy to ensure uninterrupted supply.

Inflation Risks from Elevated Fuel Prices

Abbasoğlu warned that persistently high fuel prices are likely to translate into broader inflationary pressures.

The inability of prices to normalize quickly could weigh on consumer costs and economic stability, particularly in energy-importing economies like Türkiye.

Türkiye Unveils Major Investment Incentives: Corporate Tax Cuts and Investor-Friendly Reforms

Investment and Transformation Continue

Despite the challenging environment, Abbasoğlu said Petrol Ofisi will continue investing in Türkiye and contributing to public finances through tax revenues.

He also highlighted an ongoing transformation process in fuel stations, signaling long-term commitment to the domestic energy market.

Outlook: Supply Risks to Keep Prices Elevated

The outlook for global fuel markets remains uncertain, with key risks including:

• Orta Doğu’da devam eden gerilim
• Rafineri kapasitesinin toparlanmasında gecikmeler
• Kritik deniz ticaret yollarındaki aksaklıklar
• Yüksek enerji maliyetlerinden kaynaklanan enflasyon baskısı

Until geopolitical conditions stabilize and supply chains recover, fuel prices are expected to remain under upward pressure.

Source: CNBC-e interview with Mehmet Abbasoğlu