Cyprus Turkish Chamber of Commerce (KTTO) Criticizes Second Fuel Price Hike

In Northern Cyprus, the Cyprus Turkish Chamber of Commerce (KTTO) on March 12, 2026, criticized the second significant fuel price increase in a short period, noting that it further complicates the situation for citizens and businesses already under pressure from high inflation and the rising cost of living.

In a written statement, KTTO recalled that after the previous increase, it had expressed concern and called for a more cautious policy, demanding a reversal of the hike. According to the Chamber, the new sharp rise confirms the validity of those concerns.

KTTO emphasized that fuel is a key resource directly affecting the production of goods and services as well as the transport industry, and that every price increase contributes to a further rise in the already high inflation rate.

The organization warned that mounting cost pressures could force businesses to scale back operations, reduce staff, and cut investment, which would impact employment and the availability of services for the public.

KTTO also noted that the process triggered by attacks against Iran caught the TRNC in a state of high inflation, and such decisions should not be made without sound forecasts. The Chamber stated the need to develop measures involving a wide range of representatives, free from political motives, and expressed its readiness to contribute to the preparation of such solutions.