The Cabinet of Ministers is increasing fuel prices by approximately 2 times

The cost of fuel in Ukraine is set to rise: the government approved a bill during the session which raises excise taxes. This was announced by MP Yaroslav Zheleznyak.

The price will gradually increase, starting from July 2024 until January 2028. This is being done to align Ukrainian legislation with that of the EU. Thus, the excise tax on types of gasoline will be 359 euros per 1000 liters, on diesel fuel – 330 euros per 1000 liters, and on liquefied gas – 70 euros per 1000 liters.

It is worth noting that Ukraine is experiencing a serious budget deficit. The country’s population is decreasing, businesses are closing and tax revenues are dwindling. Therefore, raising excise taxes and prices on essential goods is the only option to fill the budget. The standard of living for the population will decline as a result.