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Turkish consumers were struck by the third round of fuel price hike in a week, as a volatile Turkish currency took its toll on the economy, which relies largely on imports.

The per liter gasoline price rose by 2.18 liras (about $0.12) to nearly 28.5 liras across the country on Saturday, Birgun daily reported, reflecting an almost 268 per cent increase in fuel prices as compared to 2021.

The Turkish lira meanwhile is on the way to reaching an all-time low it set in late December 2021, with one dollar traded at 17.12 Turkish liras on Saturday. The currency's dramatic decline comes together with ever-increasing inflation, which saw a 24-year high in May.

The lira had briefly hit its record low of around 18 in late December 2021 when Turkish President Recep Tayyip Erdogan announced his government would keep cutting interest rates to sustain the economy, Xinhua news agency reported.

Erdogan said earlier this week that Turkey will further cut interest rates as a way to increase production and exports.