Ukrainian Prime Minister Yulia Svyrydenko announced a potential decrease in fuel prices in Ukraine, citing a decline in oil prices on major exchanges. This statement followed a meeting with Naftogaz Ukraine’s CEO, Serhiy Koretsky, where they discussed the current state of global oil and fuel markets.
“We are observing a drop in prices on major exchanges, which should directly affect fuel costs in Ukraine. The state network of Ukrnafta has already begun reducing prices. If the current global trends continue, we expect a more significant decrease,” Svyrydenko stated.
She also expressed hope that other market participants would respond similarly, emphasizing that prices should adjust fairly to shifts in market conditions.
Furthermore, Svyrydenko reassured that the fuel supply situation in Ukraine remains stable. She highlighted that March saw the highest supply volumes in the past five years, with plans to maintain this positive trend into April.
On April 7, President Volodymyr Zelensky confirmed that Ukraine has secured agreements with partners in Europe and the Middle East for necessary fuel imports.
Fuel Supply Challenges Due to Middle East Conflicts
The escalating situation surrounding Iran has impacted the European fuel market, leading to issues with fuel availability and rising prices in Slovakia and Slovenia. Increased demand, particularly from foreign drivers, has contributed to these challenges.
The Slovenian government has limited fuel purchases to 50 liters per day for private vehicles and 200 liters for companies and priority users, while Slovakia has introduced a financial cap on refueling (400 euros per vehicle).
The crisis has resulted in higher costs for transporters, disruptions in supply chains, and increased prices for goods. Some countries are implementing fiscal measures; Italy has temporarily reduced excise taxes and provided tax support for the transport sector, while Spain has introduced a €5 billion crisis plan that includes VAT reductions on energy products. The situation remains unstable and is contingent upon ongoing geopolitical developments.
On March 18, the government approved the “Cashback for Fuel” program, which became operational on March 20.
Ukraine's Prime Minister has indicated a likely drop in fuel prices due to falling global oil prices. The government is working to ensure stable fuel supplies amidst ongoing challenges in the European market influenced by geopolitical tensions.