Ukrainians are complaining about a surge in prices and are panic-buying gasoline and diesel

Since the morning of March 4, long lines have formed at gas stations across Ukraine amid a sharp rise in gasoline prices. Drivers are trying en masse to stock up on cheaper fuel.

This is reported by the media.

Ukrainians are complaining on social media about the price spike: in the past 24 hours, at some stations gasoline rose by another $0.046 per liter. Local media report that A-95 now costs $1.63, and Premium 95 nearly $1.70.

This surge in demand has flared up on Ukraine’s fuel market against the backdrop of escalating tensions around Iran. It is panic, not an actual physical shortage, that has set off the mechanism of rapid price growth, said Serhii Kuiun, director of the consulting company “A-95,” on his Facebook page.

“It was panic that started the flywheel of price growth, and now it’s no longer clear who began first—gas station chains or fuel buyers. The chains are also under pressure from international traders and producers, who have begun to scare people with supply cuts and, on the back of that talk, to push prices up,” Kuiun explained.

According to him, the root cause is the war in Iran and news about possible restrictions on shipping through the Strait of Hormuz. Fears of disruptions in supplies of oil and petroleum products triggered a wave of purchases: consumers are driving to stations en masse, and station networks are forced to react.

On Monday, March 2, Ukrainian MP Anna Skorokhod said that prices are rising due to the escalation in the Middle East and that the war will affect fuel and other areas of Ukrainians’ lives.