Fuel Price Increase in Ukraine: National Bank Explained What Drivers Should Expect

The fuel price forecast in Ukraine for the coming months remains fairly stable, according to the National Bank of Ukraine. Deputy Head of the NBU Sergey Nikolaychuk believes that the rise in fuel prices by the end of the year will not exceed 10%. This is explained by temporary factors such as the spike in oil prices due to events in the Middle East and the weakening of the hryvnia against the euro.

“Due to the fact that the excise tax on fuel is tied to the euro, changes in the exchange rate automatically affect gas station prices”

The National Bank believes that the market has already stabilized, so sharp fluctuations in oil markets or significant depreciation of the hryvnia are not anticipated. This means that the impact of fuel prices on overall inflation will be negligible in the near future.

Changes in Fuel Prices

We remind you how fuel prices have changed in Ukraine.

The National Bank of Ukraine predicts stable fuel prices in the coming months. The increase in fuel prices should not exceed 10% by the end of the year, informs the deputy head of the NBU. He explains that the recent rise in prices was temporary and caused by certain factors such as fluctuations in the hryvnia exchange rate and oil prices in the world market. The bank confidently states that the market has already stabilized, so the impact of fuel on inflation will remain negligible in the near term.