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November 6, 2023In the short term, fuel prices in Ukraine are expected to accelerate, but next year, fuel prices will stabilize due to the gradual decrease in global oil prices.
This information comes from the National Bank of Ukraine’s inflation report.
With the return to full taxation of petroleum products and the increase in global oil prices in September, it is expected that fuel prices will rise.
“In the short term, fuel prices will accelerate, which will also have an indirect inflationary impact on the prices of other goods and services,” the report states.
However, from next year, fuel prices will stabilize due to the gradual decrease in global oil prices.
According to the A-95 Consulting Group, the average prices for A-95 gasoline are 55.52 hryvnias per liter. Premium “Five” gasoline is priced at 58.35 hryvnias, and diesel fuel is priced at 55.79 hryvnias per liter.
In July 2023, Ukraine increased the value-added tax on fuel to pre-war levels (from 7% to 20%), while global oil prices continued to rise (from $75.5 at the end of June to $90 per barrel on October 3).