Fuel prices at Ukrainian gas stations have not seen a significant decline, despite a recent drop in global oil prices. This stagnation is attributed to the inertia in pricing mechanisms and the influence of previously established stockpiles during peak price periods.
The Ukrainian market has experienced a continuous rise in fuel prices, with diesel and automotive gas witnessing the most substantial increases. Even as global oil prices fell in the middle of the month, retail prices in Ukraine have remained elevated.
The situation is complicated by large fuel reserves that were accumulated when prices were at their highest. Currently, the volumes being sold were contracted earlier at these inflated rates, which contributes to the ongoing high prices.
In recent developments, diesel prices at popular gas station chains dropped by 2 UAH per liter within a day, and “Ukrnafta” has also reduced the price of gasoline.
Gasoline prices across various networks have largely stabilized, although “Ukrnafta” has lowered the prices of A-95 and A-92 gasoline by 1 UAH. In contrast, automotive gas remains the most stable fuel type, with prices across all networks showing no changes over the same period.
Additionally, over 2 million Ukrainians are set to receive cashback on fuel purchases in May. Among these recipients, 91% own budget vehicles that are 10 to 20 years old, with engine sizes up to 2.5 liters.
Despite a decrease in global oil prices, fuel costs in Ukraine remain high due to market inertia and existing stockpiles. Recent price adjustments have been minimal, with most fuel types showing stability.