Fuel prices in Ukraine are set for another surge: a grim outlook for motorists
This was stated by Dmitry Lyushkin, founder of the Prime Group of Companies and a fuel expert.
“I expect diesel prices to rise by 6 hryvnias and petrol prices by 3–4 hryvnias. That’s the situation at the moment,” the expert noted.
According to him, since 13 March, wholesale prices for diesel fuel have risen by 2.5–3 hryvnias per litre, whilst the wholesale price of petrol has increased by 1.5 hryvnias.
Prices for petrol and diesel are being driven up by rising global oil prices, as well as gas oil quotations. The expert attributes the higher cost of diesel fuel in Ukraine to a larger mark-up by European suppliers.
However, the expert reassures that there is currently no fuel shortage in Ukraine. Especially given that one of the key suppliers — the Polish company Orlen — has decided to ship the full volume of fuel promised to Ukraine in March.
“Until the Strait of Hormuz is opened, prices will only go up, as the market is in short supply. As for gas, there is no Qatar; as for oil, there is no UAE, Iraq or Kuwait. There is nothing good on the horizon for the time being,” noted Lyushkin.
He added that the agreement by member countries of the International Energy Agency to release record volumes of oil from reserves could only prevent oil prices from “skyrocketing” for a month.
