Gasoline prices hiked sharply in Turkmenistan

ASHGABAT, Turkmenistan — Turkmenistan, which once provided drivers a quota of free gasoline every month, has raised its pump prices by 50 percent as the country struggles with low prices for its mainstay export of natural gas.

On Thursday, a liter of gasoline rose to 1.5 manat, the equivalent of 42 U.S. cents ($1.60 per gallon). Although the price is still low by world standards, the increase is substantial in a country where the average monthly wage is estimated to be about $350.

Turkmenistan is heavily reliant on its vast natural gas reserves for export income. As gas prices fell on the world market, Turkmenistan's GDP declined about 15 percent since 2014.

Under the late eccentric president Saparmurat Niyazov, Turkmens were allotted 120 liters (about 30 gallons) of free gasoline a month.

You may also like these

Asian markets lower after Wall Street decline

Sep 15, 2016

Asian stock markets were mostly lower Thursday following Wall Street's decline in light trading...

China launches second space station, Tiangong 2

Sep 15, 2016

China has launched its second space station in a sign of the growing sophistication of its...

Asian stocks rise after Wall Street gains

Dec 21, 2016

Asian stocks are higher after U.S. stocks rose to record levels despite attacks in Germany and...

Aid groups warn of crisis as Mongolia hit by...

Dec 21, 2016

Another unusually harsh winter in Mongolia that's decimating livestock and sending temperatures to...

China says some factories have violated anti-smog...

Jan 3, 2017

China's environmental ministry says an unspecified number of companies have violated measures meant...

Sign up now!

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales[at]