NBU announces further increase in gasoline prices

16:30 29 July Kyiv, Ukraine

Fuel shortages and rising logistics costs against the background of the destruction of refineries and logistics infrastructure, as well as the blocking of ports and high oil prices, led to a rapid rise in fuel prices in Ukraine.

In June 2022, prices for it were almost twice as high as last year.

This is reported in the inflation report of the National Bank of Ukraine.

As noted in the report, the price growth was somewhat restrained by the reduction of VAT and the abolition of the excise tax on fuel in the second half of March.. In order to saturate the fuel market in May, the government suspended state regulation of fuel prices.
"Although the situation on the fuel market in Ukraine will improve closer to autumn, when long-term contracts with foreign suppliers will be signed, prices have already stabilized, albeit at a high level," the document says.
According to the NBU forecast, fuel prices will continue to rise next year. Thus, the projected gradual decline in world oil prices is likely to be offset by the need to return the fuel taxation system to the pre-war level.

As of July 27, average retail prices for A-95 gasoline were UAH 50.49 per liter, for diesel fuel - UAH 55.46 per liter, for autogas - UAH 29.44 per liter.