Zelensky signed a law raising fuel excise taxes in Ukraine starting from September 1

President of Ukraine Volodymyr Zelensky signed a law that raises excise taxes on all types of fuel starting from September 1.

The changes to the bill’s card have been published on the parliament’s website.

In September, due to the increase in excise taxes, fuel prices are expected to rise by 2-2.5 hryvnias (4-5 cents) per liter and auto gas by 5-6 hryvnias (11-13 cents).

It should be noted that the new law provides for a significant increase in excise taxes on all types of fuel – gasoline, diesel and gas. As a result, this will lead to a record retail markup of 8-11 hryvnias (18-24 cents) per liter over the next several years, specifically from September 1, 2024, to July 1, 2028. In the memorandum with the IMF, the point about raising excise rates to the minimum levels in the EU became one of the “benchmarks” with a completion date of July 1, 2024.

It was reported that at many gas stations, fuel prices began to rise even before September 1 and before Volodymyr Zelensky signed the law on increasing excise taxes.

Earlier, in the Rada, it was mentioned that in Ukraine, gasoline prices would increase by 10 hryvnias (22 cents), diesel by 11 hryvnias (24 cents) and liquefied gas by 600 hryvnias (13.2 euros) per cylinder after the new law on raising excise taxes comes into force.